Cathi Harrison FPFS, Cert CII (MP), the founder and owner of Paraplanning firm Para-Sols, told Financial Planning Today she was unsure whether a new standard would be a good or a bad move.
It has become one of the hottest topics of discussion in the profession over the last 18 months.
Moves are already underway to form the foundations of a kind of Paraplanner ‘kitemark’. The initiative has arisen from frustrations that, as things stand, anyone can theoretically call themselves a Paraplanner.
Ideas for the standard and how it could work in practice have been developed through the Paraplanners Powwow movement.
Asked for her views on the standard for the October edition of Financial Planning Today magazine, Ms Harrison said: “I’m still on the fence about this; I can see the reasons both for and against it. As part of my role on the PFS Board of Directors, I chair a Paraplanner Panel and this formed a large part of our last meeting. The panel were of a similar mindset, where they could see benefits to it, but a lot of difficulties in the creation and implementation of it.”
Cathi Harrison appears in the Inside My Business feature. Details on how to see the full article are below.
She said: “The outcome from our discussions was that guidance of some sort might be more useful. This could outline the skills, qualifications and credentials for a Paraplanner; like the National Occupational Standards that are around, but actually created by Paraplanners.
“These could be used however Paraplanners / advisers see fit. They would not be mandatory, so there would be no supervision cost / burden on any one body or group, but could help firms to recruit and help Paraplanners to benchmark themselves.”
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Ms Harrison said, however, that she loved the fact that something affecting the profession was being debated and decided by Paraplanners themselves.
Discussing the advancement of her profession in the last decade, Ms Harrison said the change in Paraplanning had been “almost immeasurable”.
She said: “I can’t think of any other profession off the top of my head that has developed so much in such a short space of time. It’s one of the things I love about it! So much opportunity for everyone.
“I don’t have in-depth knowledge of Paraplanning in other countries, but from what I have seen, and the conversations I have had with Australian Paraplanners and US financial planners, we really do seem to be far ahead. I think a huge reason for that is the community, the willingness of Paraplanners to talk to, and support, one another.”
The next step and how far Paraplanning can go in the next decade will come down to what happens in financial services in that period and what Paraplanners want, she said.
She said: “We’re in a unique position where we can influence our own profession; there will, of course, be external influences from the industry generally, but really it is up to us how we respond to it.”
The second issue of Financial Planning Today, our new 40-page digital magazine, is now available to our email newsletter subscribers and is packed with news, features and comment for Financial Planners, Paraplanners and Wealth Managers.
To receive the £6 magazine free of charge you must be a subscriber to our free daily website newsletters. Only newsletter subscribers will get early access to the magazine. If you are not already a subscriber and would like to view the new magazine please subscribe now (use the orange subscription box to the right of this article to sign up immediately).
It takes just a few seconds and you will then be sent a link to the new publication by lunchtime today in our next daily newsletter.
If you are one of the thousands of current subscribers to the newsletter you don't need to do anything as you will be sent a link to the magazine.
The new editorially-independent digital magazine has exclusive content produced by a team of experienced financial journalists in London.
Financial Planning Today's second issue includes:
• Entrepreneurial Paraplanner Cathi Harrison on her growing business and her confidence in Paraplanning's future
• Comment on the heated Cashflow Modelling debate from the CISI's Campbell Edgar and Financial Planner Julie Lord
• Insights from PFS chief executive Keith Richard and Succession boss Simon Chamberlain
• Exclusive Report on Platforms post the Cofunds takeover - including Cofunds comments on planners' concerns
• New Investment and DFM section, with analysis from senior fund managers at Lombard Odier and Architas plus 180+ DFM providers listed
• A special News Report on Sipps after the capital adequacy reforms
• News summaries, company news, professional body events coming up...
And much more too...
The magazine has been launched by Portfolio Publishing, publishers of Financial Planning Today and Sipps Professional websites, both of which carry daily news to thousands of professional financial advisers.
Financial Planning Today Publisher & Editor Kevin O’Donnell said: “Our first issue was extremely well received and we're delighted to offer the only publication aimed exclusively at professional Financial Planners, Paraplanners and Wealth Managers. Our second issue is packed with features, analysis, comment and business tips.
"Readers can also click on much of the exclusive content in the magazine to learn more. We believe it's an invaluable read for all professional advisers who want to keep up with their profession and learn from their peers. The emphasis is very much on professional and business growth and readers have told us they value this hugely."
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