PFS Paraplanner Panel member and Powwow regular (not to mention this year’s host), Caroline Stuart shares some of the whats, hows and wheres of the PFS Paraplanner Panel’s new Paraplanner Pathway.
Hello there or How!
PFS Paraplanner HQ have been working hard on some bits and pieces to try and entice more new folks into the profession and help them on their way once they are. One of the things we have been working on is our Paraplanner Pathway.
It is a brief introduction to paraplanning, what it’s about, how to get started and where to find help.
You may know someone who is thinking of getting into paraplanning or is just joining the Paraplanner profession. Perhaps you know someone who is considering what to do with their career and isn’t sure what to do next? Perhaps that someone is you?
If so, please have a look at our little video, tell your friends and colleagues all about it and anyone else you think might find it useful.
If we all work together, we can let the world know about our brilliant, challenging and rewarding profession and the fantastically supportive, fun and friendly community that it has created.
If you are interested in supporting, sharing your thoughts or just a little nosy. Head over to the PFS Paraplanner Panel’s Facebook page.
PFS Paraplanner HQ, over and out!
Howwows are for those times when we want to focus on ONE topic in particular and, in depth.
For 2017 we’re planning on holding more online Howwows, in addition to four face-to-face ones. In fact, online Howwows are scheduled for every last Wednesday of the month, at lunch time (1-2pm for most normal folk), so you can join in while eating your sandwich.
If you’ve never tuned into a Howwow online or you’re a bit rusty on it all – this handy guide will help you on your merry way.
1. Sign-up to online Howwows
We’ll be listing upcoming Howwows on the Powwow website every month. Alternatively, just pop over to our Powwow channel on Crowdcast, and you’ll find the next Howwow there waiting for you to register.
Plus, we’ll let you know when they go up via Twitter, the Powwow Post, and if you hit follow on the Powwow Crowdcast Channel
2. How to join the Howwow on the day
Keep an eye on your inbox at 12:50pm, on the day of the Howwow. Around about then, you’ll receive an email which includes a link to click to join in.
As a heads up, the webinar isn’t supported by all browsers, so we suggest downloading Chrome or Firefox ahead of the Howwow to avoid any delay in joining, or you could just download the nifty free Crowdcast app (that’s the webinar platform we use) for phones and tablets from iTunes or the Chrome Web Store. From there, all you need to do is sign in.
We’ll do a tiny bit of tech housekeeping at the beginning of each Howwow, that way you’ll know what’s what – it really is painless, we promise. You don’t need anything fancy, just the ability to watch, listen and type.
For those that share office space, you may want to tune in using earphones or headphones.
3. Drop-in when you want
You can tune in when you want, for as long as you want, from wherever you want – we’ve even got folk tuning in from Canada (Hello over there)!
4. How do online Howwows work?
For each Howwow there will be a small panel of paraplanners. They’ll kick off each Howwow by asking what’s on your plate – where you can chat about current day-to-day issues with other paraplanners.
Next up, will be the main topic for tackling in depth. In true Powwow style, we don’t know what these all are yet. That’s because you get to shape what topics to focus on.
Once you tell us what you’d like covered, we’ll do our best to put an A-team panel together for it.
All the way through the Howwow, you’ll be able to post questions, chat with other Howwowers (using a text messaging type thing).
The big idea is for panellists to make sure your questions, ideas and thoughts are shared with the Howwowers.
5. Can’t wait to pose a question?
Not going to make it to the Howwow or sure you’ll forget your question, then make sure you fire it over to [email protected].
6. Can I be on the panel or suggest topics?
The answer is yes to both!
If there’s any topic that you’re keen to share your views on then let us know. And of course, there’s no rule saying you have to be a panellist to suggest a topic. Get in touch by emailing [email protected] or tweeting @ParaPowwow.
7. Missed a Howwow?
We know at times the Howwow stars don’t align, and you just can’t make it. But, we’ve got you covered. You can head back over here – at any time – and find a recorded version lurking.
Plus, if it totally slips you mind, don’t worry we’ll always let you know there’s been one. Just follow us on Twitter, or sign up to Powwow Post, or hit follow on the Powwow Crowdcast channel, or in fact just do all three because, like Aerosmith, you ‘don’t want to miss a thing’.
“I’ve only ever worked for one financial services company and was the first person to become ‘paraplanner’. Sometimes it feels a bit like we’ve made it up as we go along, so I’d like to know more about what paraplanners in other companies do and how that compares to my roles and my expectation of the roles.”
This statement was a key part of what led me to attend Powwow South West. I’ve spent countless hours meeting new people, talking about what we do, and finding myself stumped when it comes to answering the question ‘so, what is a paraplanner?’ And I’m sure I’m not alone in googling ‘paraplanner’, only to be left more confused after scrolling through the first few pages of results.
Am I meant to be an administrator? Am I more like a non-client facing adviser or financial planner? Do I need qualifications and, if I do, which ones?
Over the last three years, my role has changed and developed. I started out as something that might have been described as an assistant to the advisers, primarily writing reports based on the advice and details provided by the adviser, but doing very little research. With my own growing experience and knowledge, this has developed into interpreting the broad financial plan, along with the client’s circumstances, and filling in the detail myself, researching specific products and coming up with the most suitable solutions in order to complete the recommendation.
Taking on more of the work has meant a need for more people in my role, so there are now two of us. But like me, my colleague has never worked for another financial services company and came to the role through an internal promotion from her position as an administrator. Together, we have spent a lot of time over the last year trying to define what it is we do, but still come up against the same problem; that we don’t really know whether what we are doing is what we really should be doing as paraplanners.
At Powwow South West it was particularly interesting to meet other paraplanners working in a variety of settings. The majority, like me, are employed in-house by a single financial services company, though one was an outsourced paraplanner working for a range of companies.
Something everyone at the Powwow seemed to agree is that it is the paraplanner’s job to take the soft facts and the broad financial requirements agreed between the adviser and the client, and fill in the details. We research the products and investments, and write to the client with the specific recommendation (usually as the adviser).
Of course, in answering one question, it raised a few others. Luckily, I was already in the right place with good company!
Following on from the question of what a paraplanner actually does is the question of what qualifications we need.
Most of the paraplanners I met at the Powwow are level 4 diploma qualified or working towards it. Many have found it useful to achieve the advanced qualifications and a couple are even working towards becoming chartered. Whether this represents the majority of paraplanners is hard to say, and having qualifications isn’t yet an industry requirement. However, it was clear that studying for and taking exams is useful, especially when we’re doing the technical part of the financial planning.
So, if we’re just as qualified as advisers, does that make paraplanning a kind of training ground for future advisers? Well, yes. For some paraplanners the higher salary of the adviser is what they are aiming for. Paraplanning provides a good base of experience and technical knowledge, as well as the opportunity to take exams without the pressure of qualifications being a requirement for the role of paraplanner. And no. Paraplanning and advising require very different skills. Paraplanners are the technical researchers, the interpreters, and the writers. Advisers, on the other hand, are the face of the financial services industry, putting the emphasis on relationship management.
For me, the most important thing I’ve taken away from Powwow South West is the reassurance that what I’m doing really is paraplanning, even if the way we got there is slightly different to other companies.
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!
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Learn more
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: