Report writing always features in Powwow participants’ suggestions as a topic to tackle. We have always covered it, but had never done a day 100% dedicated to it. Until now.

Enter the report writing Howwow bonanza. This was new territory. We had no idea if it would work or not. Especially as, like all Powwows, we’d want the content and style to be spot-on but different to the norm.

A spreadsheet and conversation later, we had the minimum number of tickets we needed to sell to make this possible. We launched with 75 tickets. Those sold out in a week and the waiting list kicked off. We managed to push capacity up to 91, but that still left 40 on the wait list plus requests to take the Howwow up North. When the day arrived all 91 Howwowers turned up. We’d never seen a 100% turn out at any Powwow or other financial services event before. It’s safe to say that looking at report writing in-depth is popular.

On the day of the Howwow we used real-life report examples to work through three aspects – The Words, The Tech and The Rules, with our great gurus sharing their insights. There was so much good stuff that came out from the morning ‘show & tell’ sessions and the more intimate campfires in the afternoon. That’s why we are sharing right here all the useful resources from the day.

Get the full slide deck from The Words and The Rules gurus – for those there it includes the awesome Joe Craig’s big finish this time – all available to download here in either PDF or Powerpoint. Plus, an added bonus from The Tech corner, David from Brochet has built a template with lots of automation for you to play with and adapt to what you do. You can download it for free here.

A massive thanks to Aegon and James Hay who played a big part in making this happen. It’s great when supporters are prepared to back an idea that’s unconventional and then participate in the true spirit on the day.

Don’t forget, if you’d like to carry on the conversation you can on the Big Tent. If you didn’t attend this event for whatever reason and want something similar near you, send us an email [email protected] and we’ll see what we can do.

Hold your horses before you shoot off. Does another event tickle your fancy? Well you’re in luck…

Next up is the BIG one aka the Paraplanners National Powwow. Join us on 14 September in rolling countryside, under open skies, in teepees. Yes, real teepees! Tickets are available RIGHT NOW. Head to the event page to find out more.

*Report writing Howwow photo was taken by Benjamin Fabi. Indeed we were in nightclub in trendy Brick Lane!

We held a Powwow in the sunniest city in Scotland on the 18^th 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.