The UK is becoming the leading country in the world for Paraplanning, as professionals from nations around the world seek to follow its example, a top expert has told Financial Planning Today.

While around 15 years ago Australia may have been seen as the prime player in Paraplanning, the profession has developed so far in Britain that this is no longer the case, Richard Allum CFPCM believes.

Mr Allum said he has had phone calls from many countries, including Australia, about the increasingly popular Paraplanners Powwow, which he founded in 2013. There has been interest in setting up ‘Powwow Down Under’.

Attempts to create a new Paraplanner professional standard – something that has never been done – are underway and this has also sparked interest from abroad.

Plans for a new professional benchmark will be drawn up next year at a new ‘Howwow’ event linked to the Powwows.

And a second Howwow has now been unveiled as well to help Paraplanners set up their own outsourced firms.

Both events are aimed at pushing the Paraplanning profession even further forward in the UK.

Mr Allum said: “Whereas Australia was leading things 15 years ago, it’s gone full circle now. They are looking at the UK as leading the way in Paraplanning.

“The UK is taking the lead now, I now get a lot of people getting in touch with me from New Zealand, Australia, north America and South Africa.

“They’ve shown interest in the professional standard, exams, events, the IFP conference and the Powwows. There’s been interest in a Powwow down under, they are very keen and they like the idea of that.

“I think it’s fair to say that the UK is certainly leading the way in some aspects.”

Mr Allum said he could never have expected the profession to take off in the way it has in Britain and said that the Powwows, in particular, had “taken on a life of their own”, thanks to the individual efforts and enthusiasm of Paraplanners.

Twenty places have already gone for the Howwow, which is aimed at people thinking of starting their own business.

Mr Allum said there was a huge amount to consider for these professionals.

He said: “They don’t realise they’re swapping one job for two, they love the idea of being the master of their own destiny but don’t realise they still have to be Paraplanners as well in the day as well as a bookkeeper, legal account, etcetera by night.”

Mr Allum, who set up his own firm The Paraplanners in Oxfordshire 13 years ago, said: “We’ve been there and think we’ve made all the mistakes in setting up a Paraplanning business that there is.

“You do have your doubts when you start. That first year I was living off my savings and was thinking ‘have I done the right thing here?’ but I was sure that we could get the demand going.”

How to become an outsourced Paraplanner is taking place at Seven Investment Management’s London office starting at 10am on Wednesday 3 March 2016.

Topics to be discussed include:
▪ Setting fees and prices
▪ Software and systems
▪ Marketing and promotion
▪ Staying on top of professional development
▪ Business formation and options