How do we measure how good we are at our roles outside of success in exams? Michelle Hoskin, founder and director at Standards International believes standards are one way to measure and elevate performance at individual and firm level
In a world where professional qualifications have become a global obsession it’s time to change our approach. Qualifications have, and will always have, their place. They are the foundation of paraplanners’ expertise.
But given the increase in demands from regulatory and professional bodies and consumers, there needs to be a greater focus on quality over qualifications.
It is true that many of us could study, sit and pass many of the academic technical examinations that are available today. In fact, if we study hard enough we may even pass with flying colours. However, does this make us any good in our roles?
Qualifications alone do not equip us with the skills and abilities to make us amazing at our jobs – there is so much more to it than that.
As a profession we are becoming more demanding. This, combined with a cut throat and highly competitive recruitment market, means firms are struggling to find great quality people who can actually do the job.
Added to that is the fact that people are struggling to find firms that are actually as good on the inside as they look on the outside.
Professional standards for best practice give an idea about what this quality should be.
For more than 10 years, financial services has had its own international standard. BS ISO 22222:2005 Personal financial planning – Requirements for personal financial planners was designed by global sector experts and took more than seven years to create. Once it was launched, it opened up the flood gates for more professional standards.
Financial services has four of its own international, British and sector specific standards. These all set the benchmark for excellence in business and practice management, compliance, financial planning and paraplanning.
Design of any sector specific standard is always demand led, driven by an industry’s marketplace, and these standards were no different.
The current process of standards certification validates that you can, and do, what you say you do. A broad and deep review of ‘evidence’ is the only proof that you and/your business have met the highest possible standards in everything that you do, all of the time.
So how can these help focus on quality and elevate adviser businesses? Below are a few ideas.
1) Broaden your view of who the client is. You have both internal and external clients. Inevitably when you focus on serving only the needs of your external clients, you put unnecessary pressure on your internal clients: your team.
2) When designing anything new, whether that be a client mailer, a new role or a new process, consider a more rounded view. Prioritise what you are trying to achieve, to add value to the intended client.
3) Capture all feedback – good, bad, internal, external – and log it. As a profession we are still scared of feedback (one of Treating Customers Fairly’s lesser positive outcomes) because of its connection with complaints. It has to be relevant, timely and compliant so vary the questions. This will enable you to get to the heart of what you are trying to find out.
4) Once you have your feedback, review it at team and leadership meetings. Make sure communication is fluid and consistent between key people, and always agree as a team what corrective actions are needed. This ensures that whatever you did that was so positive can be repeated, and anything that didn’t go so well can be adapted to avoid it from happening again.
This article was first published in the October 2022 issue of Professional Paraplanner.
