A new International Paraplanning Standard benchmark has been released in the UK this week.
Initiated by UK consulting firm, Standards International, the Paraplanning Standard has been designed to provide a new framework for excellence within the field of paraplanning and has been structured so that its underlying programme can be replicated in other countries such as Australia, New Zealand, Canada and South Africa.
According to Standards International, the Paraplanning Standard encompasses:
- An insight into the future of the financial services sector in each country
- Responsibilities and expectations of current and prospective paraplanners
- Remuneration and rewards
- Essential and desirable skills and abilities
- Principles and behaviours
- A roadmap for learning and development
- The role specification for an international professional paraplanner
- Best practice tools, templates and guides
A release accompanying the announcement of this initiative confirmed the Standard will extend across three levels:
- Advanced Certified
While acknowledging the career path for many paraplanners includes a move into formal financial advice roles, Standards International’s Founder, Michelle Hoskin, said the intention of the Paraplanning Standard was to set quality benchmarks for the provision of excellent paraplanning services to the advice community while at the same time serving to deliver an alternative career path for those paraplanners who do not seek to become financial advisers:
…paraplanners are “…the new super power in financial services!”
Commenting that she believes paraplanners are “…the new super power in financial services!”, Hoskin added that this role can secure the success of practices across the world and that with support at this level of best practice competency, financial planners and advisers will be able to eliminate the constant distractions of compliance, processes and technical administration thus giving them the freedom and the time to spend with their clients and not be tied to their office.
While the new Standard is to be implemented shortly in the United Kingdom, Hoskin has confirmed she is seeking to promote this initiative on a global basis, including Australia.