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We will make the Paraplanning standard a reality!

Since the engagement of paraplanners in the initial debates run by Richard Allum of The Paraplanners back in March, we have begun to feel there is a danger that momentum on the paraplanning standard is stalling. “No one appears to be stepping forward to make the standard a reality,” says Michelle Hoskin.

While professional bodies have obviously expressed an interest in getting involved, possibly in a joint initiative, “in my view, the chances of the professional bodies coming together and creating a working standard, with all the necessary processes, procedures and ongoing administrative overview in place, are slim. This is not because they couldn’t do it, but because it will require co-operation between two awarding institutions, both of which have huge amounts on their plates already.”
Michelle believes there is a very real danger that the momentum will continue to slow, losing the ground already gained, or worse, seeing it fizzle away to nothing. “I have seen this happen before with ISO 22222 and don’t want to see that again with the paraplanning standard. What this standard needs right now is a body with the experience of successfully operating standards to pick it up and make it work.”
Standards International has 10 years’ experience of assessing and supporting individuals and firms to achieve higher standards and is ideally placed to have the standard up and running within a relatively short space of time. Our experience of implementing ISO 22222 will provide us with a great foundation and framework to use as the basis of a paraplanning standard. ISO 22222 is specific to the individual and we would look to build upon its underlying principles to develop a bespoke standard, focused on paraplanning and recognising the role that paraplanners play within financial planning and advisory firms.
Michelle points out that there is a bigger picture to the Standard. It is not just about the paraplanning community but the wider market too and, importantly, the structure and success of the firms employing paraplanners, whether in-house or outsourced. “I believe that in order to achieve the goals set by so many it’s going to take new, creative thinking! Firms need to look at the way that they are using paraplanners, where they sit within the firm and the role they have in the advice value chain."
There needs to be new ideas and fresh thinking outside of the box. The paraplanning standard should be structured to help progress the role of the individual paraplanner as well as enhance the importance of paraplanning per se within the market, both in the UK and overseas. “In other words, for the paraplanning standard to deliver on its potential, we need to take things to a whole new level!”
Standards International is hosting a web conference ‘A whole new level’ on Friday 14 October at 9.30am to discuss how the standard can be quickly launched into the market.
Michelle says: “It’s an opportunity for paraplanners, administrators, business owners, financial planners and anyone with a vested interest in raising professional standards within financial services, to come together to dot the ‘i’s and cross the ‘t’s  and to really get the ball rolling on making this a reality.”
Anyone wishing to participate in the web conference on the day should go to:
"The time for talk is over, now we need action!" - Michelle Hoskin - Founder & Director


Author: Michelle Hoskin
Posted: Wednesday, October 12, 2016 | 9:42:02 AM

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17 October 2016 | 9:11:30 AM  Neil Bailey wrote:

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