A key figure behind plans for a new Paraplanning standard says it has been frustrating to hear people simply dismissing it as a bad idea and called for them to “step outside the default mindset”.

Moves to create a kind of Paraplanner kitemark have been underway for a while, with a desire among Paraplanners to lay down a benchmark for their profession.

This initiative has sprung from the Paraplanner Powwow, organised by Richard Allum CFPTM Chartered MCSI.

Following news last month, as reported first by Financial Planning Today, that the CISI and CII are having talks over getting involved in the project, the standard has become even more of a hot topic. Paraplanners from both sides of the argument have been stepping up to give their opinions.

Mike Malkiewicz DipFA, owner of Peterborough firm Clear Paraplanning, recently wrote to FP Today to oppose it, while Alan Gow DipPFS APP ACSI, co-owner of Argonaut Paraplanning in Reading, and co-organiser of the London Paraplanner Powwows, wrote in its defence. See their articles here. 

There have been some sparky discussions on the subject on social media too.

Mr Allum told Financial Planning Today that some of those “railing against” the idea may have got the wrong impression of what it is about.

Mr Allum, who heads up his final national Powwow next week, said: “I think the problem with financial services is that people by default relate standards to regulation.

“They seem to think there’s going to be a new diploma, or a compulsion to do something, someone will be telling them what to do, but Paraplanners aren’t regulated and we’ve got freedom.”

He stressed that the standard would be “entirely voluntary” and he explained that “it’s about showing a pathway of how you can develop yourself in Paraplanning and not setting a diploma as a benchmark”.

He said: “It’s about going above and beyond if you want to do it, it’s about improving because you want to, not because you have to.”

He insisted that “everyone’s view is welcome because it’s a discussion” and nothing had been set in stone. He admitted it was “a bit frustrating” when he hears negative comments and he believes “some people need to step outside the default mind-set” of thinking it would be something that is forced upon them.

Whether the standard goes further forward to become a reality will be dependent on other Paraplanners and their desire to do so, he added.

He emphasised the point that the debate about a standard, and subsequent efforts to mould one, only started because many Paraplanners were saying they wanted something else when the topic was discussed at the Powwows.

The standard will be debated further at next Thursday's national Powwow in Aynho, Northamptonshire.

Mr Allum said: “We are going to cover the Paraplanning standard, the future of the national Powwow and anything else people want to speak about.”