The award is based on key Paraplanning skills and provides a platform for Paraplanners to demonstrate their excellence.
Entrants are required to answer various technical questions and provide an example of written work along with a reference from a client or employer.
The winner will receive £1,000, Paraplanner of the Year trophy and access to Wizard Learning's structured CPD system for 12 months.
Last year's winner was Gary Tunstall CFP^CM, formerly of Brook Dobson Brear and now working at outsourced Paraplanning firm ParaSols.
New for 2012 is a second prize of Special Technical award for the candidate with the highest score on the technical assessment.

Nick Cann, chief executive of the IFP, said: "The IFP is firmly committed to supporting the development of Paraplanners, as it fully recognises their importance within the Financial Planning process.
"The IFP is yet again this year delighted to support the Paraplanner of the Year award which recognises the excellence that exists within this exciting and dynamic area of the Financial Planning profession."
Richard Allum, co-founder of TheParaplanner.com, said: "For adviser firms, 2012 is a crucial time; transitioning business models, studying for qualifications, as well as day-to-day client activities. Many Paraplanners have their sights on obtaining Chartered and Certified status, and have been gaining a great deal of experience preparing for the RDR, so I am expecting high standards in this year's entries."
The winner will be announced at the IFP conference at Celtic Manor Resort on 1-3 October.
To enter visit http://www.ppoty.co.uk/