This apprenticeship standard is in the process of being revised. In the meantime, the version below remains approved for delivery. Further details of this and other occupational standards in revision are available in the revisions status report.
Assisting financial advisers with researching, analysing and preparing financial reports for clients.
Paraplanner
The Financial Advice market consists of c19000 SME businesses split approximately 75% financial advice, 25% mortgage advice. These SME businesses are supported by umbrella organisations known as networks who provide a range of support services to the individual businesses including technology, compliance, technical & consultancy support.
Due to recent regulatory changes, there is an increasing demand for professionally qualified technical support in Financial Adviser businesses. The role of the Paraplanner is to assist the Financial Adviser in researching analysing & preparing compliant financial reports for clients that verify the recommendations made in accordance with the company investment philosophy. It should also be noted that the Paraplanner role is distinctly different from the role of a Financial Adviser *.
There are 2 distinct Paraplanner roles recognised by the sector and this standard is for the first of these two roles. Successful completion of this standard will result in a demonstration of full competence as a fully qualified Paraplanner. Upon completion, there is the potential to develop further into the role of ‘Senior Paraplanner’ which requires a broader level of industry experience & further qualifications (the Senior Paraplanner role delivers a higher level of technical & specialist support to the Financial Adviser whilst also contributing more strategically to the business’s investment philosophy & processes) or other technical, compliance or managerial roles within the sector.
|
Knowledge |
What is required |
|---|---|
|
Financial Services Market |
Demonstrates a deep understanding of the structure of the Financial Services market, including the role of the financial adviser, the paraplanner, product providers, support services & platforms |
|
Regulatory & Compliance |
Full understanding of the Financial Services regulatory framework, and the ethics and key principles of the advice process. Comprehensive knowledge of the systems and controls that are in place to protect the client and the company. Demonstrates full adherence to these systems and controls. |
|
Products |
Demonstrates an in-depth understanding of both financial products & financial planning tools. Can analyse which type and features of the financial products are appropriate to the client’s needs. |
|
Systems and Processes |
Understands and utilises all systems and processes required to deliver the role objectives. Has sophisticated awareness of how these fit within the wider company and the financial advice profession. |
|
Skills |
Skills |
|---|---|
|
Quality service delivery |
Consistently develops and delivers excellent service to customers, colleagues & advisers, supporting the products & services provided and adhering to TCF principles at all times. Has excellent attention to detail & provides a quality assurance check for the adviser firm. |
|
Customer communication & relationships |
Develops effective and enduring relationships with customers & key contacts through effective verbal/written/IT skills. Can handle & resolve issues. Can write reports that includes the necessary technical language but articulates in a way that client’s understand. |
|
Team working & collaboration |
Understands role within team & impact on others. Consistently endeavours to support colleagues & collaborate to achieve results. |
|
Planning & prioritising |
Demonstrates relevant level of skills to be able to provide thorough research & analysis. Can plan & prioritise work effectively in order to deliver good outcomes for both the customer & the business. |
| Using systems & processes |
Consistently adheres to systems & processes using proficient IT skills, including risk, regulatory and governance requirements. |
|
Behaviours |
What is required |
|---|---|
|
Honesty and Integrity |
Truthful, sincere in their actions and doing the right thing (even when not the easiest) |
|
Adaptability |
Willingness to accept changing priorities and work patterns when new jobs need to be done, or requirements change |
|
Enthusiasm |
Shows drive and energy in their work, when things are going well and when challenges arise |
|
Dependability |
Meets personal commitments and expectations; eg completing work, timekeeping |
|
Personal commitment |
Proactive in their own development; commitment to the job and the profession |
The apprenticeship will typically take 24-36 months to complete
The apprentice will be required to complete the Certificate in Paraplanning from Professional Bodies: Chartered Insurance Institute or FPSB UK/The Institute of Financial Planning:
The CII Certificate includes the following 4 examinations:
FPSB UK’s Certificate includes the following
Examinations:
Apprentices without level 2 English and maths will need to achieve this level prior to taking the End-Point Assessment. For those with an education, health and care plan or a legacy statement, the apprenticeship’s English and maths minimum requirement is Entry Level 3. A British Sign Language (BSL) qualification is an alternative to the English qualification for those whose primary language is BSL
By passing the apprenticeship, professional registration can be achieved by application to the relevant Professional
Body, with recognised status as follows:
‘Cert PFS (Paraplanning)’ with the Chartered Insurance Institute or
‘Accredited Paraplanner (APP)’ with the Institute of Financial Planning
The apprenticeship should be reviewed after a maximum of 3 years.
*
i) The Financial Adviser (ie not the Paraplanner) is regulated by the FCA and is ultimately responsible for the advice given to the client, &
ii) The Financial Adviser role is client facing, whereas the Paraplanner is predominantly a back office, technical support role.
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| Version | Change detail | Earliest start date | Latest start date |
|---|---|---|---|
| 1.0 | 10/09/2015 | Not set |