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Paraplanner

Paraplanner

Level 4 - Higher Technical Occupation

Assisting financial advisers with researching, analysing and preparing financial reports for clients.

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Summary

The Financial Advice Market: 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. The Paraplanner Role: 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.

Green themes

Financial and Professional Business Services

Typical job titles include:

finance worker
financial consultant

Keywords:

Banks
Financial Advice
Financial Products
Financial Services
Funding
Money

Knowledge, skills and behaviours (KSBs)

K1: 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
K2: 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.
K3: 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.
K4: 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.

S1: 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.
S2: 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.
S3: Team working & collaboration: Understands role within team & impact on others. Consistently endeavours to support colleagues & collaborate to achieve results.
S4: 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.
S5: Using systems & processes: Consistently adheres to systems & processes using proficient IT skills, including risk, regulatory and governance requirements.

B1: Honesty and Integrity: Truthful, sincere in their actions and doing the right thing (even when not the easiest)
B2: Adaptability: Willingness to accept changing priorities and work patterns when new jobs need to be done, or requirements change
B3: Enthusiasm: Shows drive and energy in their work, when things are going well and when challenges arise
B4: Dependability: meets personal commitments and expectations; eg completing work, timekeeping
B5: Personal commitment: Proactive in their own development; commitment to the job and the profession

Occupational Progression

This occupational progression map shows technical occupations that have transferable knowledge and skills.

In this map, the focused occupation is highlighted in yellow. The arrows indicate where transferable knowledge and skills exist between two occupations. This map shows some of the strongest progression links between the focused occupation and other occupations.

It is anticipated that individuals would be required to undertake further learning or training to progress to and from occupations. To find out more about an occupation featured in the progression map, including the learning options available, click the occupation.

Progression decisions have been reached by comparing the knowledge and skills statements between occupational standards, combined with individualised learner movement data.

Technical Occupations

Levels 2-3

Higher Technical Occupations

Levels 4-5

Professional Occupations

Levels 6-7

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