The development of an agreed set of standards for paraplanning has been proposed by Oxfordshire-based The Paraplanner’s managing director Richard Allum.
Mr Allum said: “At present anyone can call themselves a paraplanner, having a commonly agreed set of standards means you can show how far you have progressed.
“The response has been so good so far that I think we may have to have two meetings, one in London and one in the North.”
He said the formation of common standards for paraplanning is mentioned every time paraplanners meet.
Mr Allum said: “The focus has to be on ability to demonstrate that you can perform the day-to-day skills of paraplanning, such as portfolio analysis and tax calculation, for instance. It will be similar to nurses where they have peer-review standards.”
To respond to Mr Allum’s proposal, visit paraplannerspowwow.co.uk
Adviser view
Dennis Hall, managing director of London based Yellowtail Financial Planning, said: “Initially there may be a problem with universal acceptance. It does not help, of course that we have no common description of what a paraplanner is. Also the fact is that most IFAs are either self-employed or run their own firm. They will have their own ideas about how things are to be done and they are regulated while paraplanning is not a regulated role. So there are some difficulties, but it has to start somewhere.”
