Citwire reports that pilot paraplanning examinations will be held by the Institute of Financial Planning (IFP) in the coming months as the professional body prepares to roll out the country’s first level four-based qualification for paraplanners. Two pilot schemes will take place for the certificate in paraplanning before the first public examinations go live at the end of June and the IFP expects as many as 100 paraplanner candidates to have completed the exam process by the end of the year.
The rise of the paraplanner marks a step change in the way the industry views those in support roles to financial advisers with increasing numbers of financial planning practices hiring or taking on full time paraplanners to help with day to day work.
The assessment will comprise an online, multiple choice examination as well as a written paper in which candidates will have to supply responses to questions based on case studies.
Scottish Widows has confirmed it will support the development of the IFP’s paraplanner qualification and offer it to intermediaries through the Scottish Widows Academy.
George Andrew, head of market relations at Scottish Widows said the decision to support the IFP’s initiative followed a marked change in the way support staff were viewed within financial planning practices.
‘Our research shows that many intermediaries are changing their business models and this includes some advisers recruiting and working with paraplanners. So we’re delighted to make the IFP’s new paraplanner qualification available through the academy,’ he said.
Nick Cann chief executive at the IFP, said. ‘This additional support from Scottish Widows enables us to complete this exciting development on schedule in 2010. We have already seen strong demand from the market place as adviser businesses look in more detail at the value that the paraplanner role can add to their growing business.’
The launch follows the IFP’s creation of the paraplanner job competence profile and its recently published syllabus for the qualifification.
