An eventful day spent at the Paraplanners PowWow last Thursday. A beautiful venue in the Northants countryside staged in a large wigwam and pitched as the first of its kind “unconference” conference for Paraplanners. It’s not often you get to sit round a roaring campfire discussing suitability reports, due diligence and other paraplanning issues with like-minded peers.

Paraplanners Powwow

The most interesting part of the day for me, was the platform due diligence session, facilitated by Emma Napier of the Platforum. The clear message of the session was, the concerns that the FCA have around platform due diligence are around the process that firms adopt – it’s not just about collating due diligence docs from a number of providers, it’s all about establishing your firms criteria and making the process relevant to your firms requirements.

There was also a noticeable difference between the world of outsourced and in-house paraplanning.  It seems that there is still no clearly defined role or definition for a Paraplanner – some are very involved in the admin side of things – whilst others are only involved in the technical side. I can see that if you employed a Paraplanner you would probably pass them as much of the admin side of things as you could on top of the technical aspects to keep them busy but it does raise the question of cost efficiency. With Paraplanner salaries increasing, I can understand why many of my own clients prefer to employ additional administration staff for the small stuff and outsource the rest to keep their costs down.

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *