More than half of paraplanners believe there should be a register of paraplanners or minimum qualification requirements, according to the latest Professional Paraplanner Parameters survey.
The findings show that 55% are in support of some form of register or qualification requirements, while only just over a quarter (27%) are in disagreement and 18% remain unsure.
Those who agreed cited the need to demonstrate the professionalism of the role.
“We are essentially advisers without clients of our own so we should have the same minimum,” said one respondent.
Another commented: “I think it would help the professional standing of the role.”
However, paraplanners agreed that putting in place a register could be difficult for the industry, with the role of paraplanner varying from firm to firm.
One respondent told Professional Paraplanner it would require an exact definition of a paraplanner in order to set parameters around the level of qualifications required.
They said: “Paraplanners don’t or shouldn’t be giving advice so I don’t think there’s a need for a register of unregulated individuals. I think firms can/ should set their own standards if they want all paraplanners to be level 4 or 6 but it doesn’t need to be an industry standard.”
Another commented: ““The range of what paraplanners do is so vast that I think this would be impossible although I think it might be a good idea.”
However, paraplanners agree that experience is as important as professional qualifications.
One said: “Qualifications are good for a base level of knowledge, however experience will always count for more to me – exams are good for advisers to differentiate themselves in the marketplace and attain new clients but paraplanners should not be pressured into doing additional exams as it brings nothing extra to the role/ process.”
Another noted: “The qualifications today are designed for people to study to pass qualifications. In the real world we very rarely have tick boxes and need to formulate sentences. You can have an excellent paraplanner who can write reports but someone with a whole load of exams via multi choice that can’t string a paragraph together.”
Those not in favour of a register said with paraplanners not authorised to provide advice, a register would not be necessary.
Another added: “The role is too poorly defined and qualifications bear little relationship to what is actually done.”
