There are just under two weeks to go to the fourth national paraplanners Powwow and we can reveal that one of the questions that we’ll be posing for the big Powwow session on 15 September is: Should this be the last national Powwow?
That’s a question that’s all the more poignant for Powwow founder, Richard Allum, because Richard will step down from organising the national Powwow that he started back in 2013.
Richard explained: “With local Powwows growing in popularity, a thriving community of paraplanners getting stuck in to discussions in the Big Tent, and plans for future online Howwows, now seemed as good a time as any to ask whether Powwowers think that the purpose of a national Powwow – on a yearly basis, at least – run its course?”
“And if it hasn’t then how would Powwowers like the event to develop in the future?”
“That’s the question I’d like to invite Powwowers to talk about when we gather together on 15 September.”
Despite stepping back from organising the national Powwow Richard still wants to work with other paraplanners to organising local Powwows and online Howwows in the future.
There are just a handful of tickets leat for this year’s national Powwow which takes place on 15 September 2016 under open skies, in teepees, in Ayhno, Northamptonshire. To book your ticket visit the Powwow event page.
Not only could it be the last national Paraplanners Powwow but it could be the last chance for paraplanners to hear – first hand – the FCA’s Rory Percival’s perspective on financial planning issues.
That’s because Rory recently confirmed that he would be leaving the FCA in November.
We’re really pleased to announce that – for the second year running – the FCA’s Rory Percival will join paraplanners at the national Powwow as its Guru speaker in the afternoon on 15 September 2016.
What’s more it could be the last chance for paraplanners to hear – first hand – the FCA’s popular technical specialist offer the regulator’s perspective on financial planning issues.
That’s because Rory recently confirmed that he would be leaving the FCA in November.
So if you don’t want to miss Rory taking his final bow at the Powwow, grab your ticket NOW by visiting the Powwow Event Page
Earlier this year something like 80 paraplanners gathered together – at real-life and online ‘Howwows’ organised by Paraplanners Powwow volunteers – to answer the question: ‘Should there be common professional paraplanning standards?’.
It’s the kind of issue that’s tailor-made for the Paraplanners Powwow – for two reasons: First, because Powwowers don’t have to negotiate the policy-making processes of the professional bodies who, inevitably, will have a big stake in the result of the debate.
And, second, because the new single-issue – workshop-style – Howwow format lends itself to kick-starting a debate while keeping its eye on a practical outcome.
And so it proved at three real-life Howwows organised by Dan Atkinson and Richard Allum in London, Claire Goodwin in Leeds, and Claire Scott, James Macaulay, Keith Boyes and Susan Pringle in Edinburgh.
The appetite for common standards
Practically speaking, these initial Howwows were a great way to gauge the appetite for common professional standards among paraplanners and the barriers to their establishment.
And as far as appetite is concerned, there’s no shortage.
At the conclusion of the hour-long online Howwow, 70 per cent of Howwowers were convinced that common standards were a good idea and 82 per cent thought that Level 4 was a minimum standard.
Nearly 60 per cent (59%) thought that continuous peer-based assessment of professional standards – like the mentoring model adopted by UK nursing – was preferable to employer-led assessment of professional competency.
Questions, questions, questions
But the Howwow posed just as many questions as answers.
If mentoring is adopted to raise and monitor standards, who would become mentors and how would they qualify?
Will accreditation be the best way to demonstrate professional standards and, if so, will financial advice practice bosses recognise it?
And what role – if any – should professional bodies play in the establishment of commonly recognised standards?
Pivotal role of professional bodies
What has become very clear from the debate so far is that, for paraplanning to establish common professional standards, the role that professional bodies play will be pivotal.
But because many paraplanners expressed ease with the idea of ’peer-led professionalism’ the role for professional bodies should be more as a facilitator of common standards rather than the dictator of them.
For that kind of approach to work will take a meeting of minds.
That’s why, over the next few weeks, we’d like to try to bring together paraplanning colleagues from the PFS and CISI paraplanners groups, and organisers of the Howwows and Powwowers who have expressed an interest in helping shape professional standards.
We’re really interested to see whether, by getting together either online or in real life, we’re able to begin to sketch out a framework for common paraplanning professional standards.
If you’re a paraplanner who’d be interested in joining in this next stage just get in touch.
And if you’re a paraplanner who’s curious to see how we get on – just watch this space!
About a year ago – in a blog post at our website – we said that we wanted to make sure that, no matter who you are, where you are and how you do it, if you’re a paraplanner you can take part in Powwows.
In addition to introducing Howwows, one of the ways that we said we’d do it was by introducing ‘The Big Tent’ – a forum for online debate and discussion hosted at a spruced-up Powwow website.
That’s why – today – we’re really pleased to say that the Powwow’s Big Tent is now open!
If you’d like to try it out click getting started for a quick-start guide to Big Tent.
Alternatively, just click http://thebigtent.paraplannerspowwow.co.uk/, click the ‘Register’ button (beneath the ‘Howdy stranger’ bit on the right), and away you go!
If you have any problems, just email [email protected] to let us know.
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More than 50 paraplanners took part in our first ever online Howwow yesterday. And the hour-long dicussion about professional standards for paraplanning is now available to view online.
There are two versions of the Howwow. You can either watch the video-only version of the Howwow – embedded above – or the version that also shows the text discussion that Howwowers were able to use to express views and ideas, and ask questions. To see that version of the Howwow just follow this link:
It’s hard to believe that it’s already been a week since the third national Paraplanners Powwow. Why not relive the experience – or see what all the fuss is about – by taking a look at our gallery of pictures taken by snapper Ady Kerry.
We’ll publish more photos next week but, for now, here’s the BIG Powwow 2015 yesterday’s Paraplanners Powwow 2015!
(And if you want to see a bigger version of the picture just click here.)
The third national Paraplanners Powwow will take place in rolling countryside, under open skies, in teepees starting at 10:00am (probably) on 10 September 2015 (definitely) at A Day in the Country, Upper Aynho Grounds, Ayhno, Northamptonshire.
WHAT’s happening on 10 September 2015 – the story so far…
- The FCA’s Rory Percival is lined up for the big guest speaker slot.
- It’ll be £25 per participant – for the third year in a row!
- Tickets will be available very soon
If you’re not already signed up for Powwow Mail and would like to stay up to date with event news, just add your details to the form over there on right-hand side of the screen (or scroll down a bit if you’re using a mobile) and we’ll keep you posted.
We held a Powwow in the sunniest city in Scotland on the 18th of April and welcomed paraplanners from those far flung places such as Edinburgh and Inverness, as well as gathering up a gang of locals in Henderson Loggie’s offices. The event was hosted by Colin Stewart and Susan Pringle.
Interestingly, the most notable comment was that we didn’t know there were so many of us!
We decided to split the group into two tribes to attempt to cover as many subjects as we could in the time available. Not unsurprisingly, the most requested topics included Report Writing and Risk Profiling/Capacity for Loss.
A number of attendees said they either use report writing software or are considering it. Some offered good feedback of threesixty’s new templates which are more concise and client focussed. Some firms will break their reports down into ‘strategy’ reports, where the broad financial plan is presented and these are supplemented by more focused ‘implementation’ suitability reports.
All firms used risk profiling tools, the most common being Distribution Technology. In the main, this is because many investment managers map the risk of multi-asset funds to DT’s outputs. All agreed that a risk questionnaire and results are just the starting point for a discussion about risk. We discussed the difference between risk tolerance vs capacity for loss and a few firms use cash flow forecasts to assess capacity for loss.
Both groups were interested in the options available across the region to assist with exams and keeping up to date with industry changes. Indeed, post the Powwow, several paraplanners signed up for the PFS Purely Paraplanning Conference in Glasgow on the 4th of May. The use of Twitter and the Professional Paraplanner magazine were highlighted as being good sources of information, especially with CPD being available. Several providers were also pointed out as having paraplanning specific sites, including our supporters. The Powwow Big Tent allows users to post questions to be answered by other paraplanners and came highly recommended.
With regards to exams and techniques, many felt that that the text books were not enough in isolation and each used additional resources such as Wizard Learning, Redmill Advance and Brand Financial Training, with some having engaged with Expert Pensions to provide structured plans for AF exams. Old Mutual have also offered classroom courses. Unfortunately, it’s been very much a case of finding out what’s available through word of mouth.
We also touched on what a good review process involved. We all agreed that reflecting back on the client’s original objectives was paramount, and that having a process in place to ensure these were handled correctly was vital. There was a mix across the group of how involved paraplanners were with regards to attending client meetings. It was agreed that as most are employed in small IFA firms, time constraints mean that it isn’t always feasible to attend a client meeting.
Finally, we discussed the benefits or otherwise of paraplanners holding CF30. A few attendees have CF30, primarily for ‘locum’ reasons – the client would still be able to get advice from the firm in the adviser’s absence. Some argued that CF30 makes you a better paraplanner as you develop empathy with the clients through the advice process.
Edinburgh and Glasgow will be up next.
Here’s a gallery of pictures taken by Powwowers at last Thursday’s double-header Powwows: Powwow In The Middle held at Cooper Parry Wealth, Sky View, near East Midlands Airport, and Powwow North of the Border at Seven Investment Management’s quayside offices in Edinburgh.
We’ve mixed all the images up – can you spot yourself (and the screengrabs of the live link-up between the both the Powwows)?
Thanks ever so much to In The Middle organisers Rachel Kitching and Caroline Stuart, and to Vanguard and Transact for their support of the event.
And many congratulations to North of the Border organisers Colin Stewart and Susan Pringle for the Powwow’s successful debut in Scotland!
