“Paraplanning has grown from an administration role into a proper profession. Now people want to be a paraplanner as a career choice. So it’s important that standards are set to make sure that there is a common understanding of what a paraplanner actually is and what a paraplanner can be expected to do.
“Too many people are going around calling themselves paraplanners and demanding huge salaries when they should be working towards gaining experience and industry qualifications in line with the Paraplanning StandardTM.”
She says she would encourage people to take the Paraplanning StandardTM. “I think it will help the industry and the profession as a whole. It will help establish proper expectations around paraplanning both from businesses’ perspective in terms of what paraplanning is and what a paraplanner can do for them, and from the individual’s perspective in terms of what they will be expected to do and what they might be paid for that.
“The setting of a proper standard and guidelines on salaries will make the profession a lot more understandable and will help establish a pathway to becoming a paraplanner and to bring new people into the industry. Then, when as a business I put an advert out for a paraplanner, I know I will get a certified paraplanner apply, rather than now where anyone can call themselves a paraplanner.”
Wilson-Stimson says that an added benefit of putting her team through the Paraplanning StandardTM has been an increased staff motivation and morale. “I think the Standard is good for individuals as well as firms. It helps to have everyone go through it at the same time, as it engenders discussion and support amongst team members, helping each other train. It can bring everyone together as team a bit more.”
Tips for team development
For firms putting their paraplanners through the process, Wilson-Stimson suggests first reading the Paraplanning StandardTM booklet, so whoever is supervising the process understands what’s involved. “Then get everyone in your team together, paraplanners as well as administrators, because they need also to get involved in the process, and do a SWOT analysis (strengths, weaknesses, opportunities, threats) on how you are working set against the Standard. That will help build the processes and training and build everything that needs to be put into place to ensure a much smoother pathway to obtaining certification.
“And if you bring in new staff, make sure they are quickly brought up to date.”
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