Wizard Leaning has once again supported the Paraplanner of the Year by providing the technical assessment and two of the prizes.  We are very grateful and would like to help them by letting you know about some new learning material they have just produced .

If you are taking the RO6 exam on 3 October then you will probable be very interested in the expected solution their team of experts have completed based on a detailed analysis of the two R06 case studies that have been issued by the CII .

Included are a list of the questions that they feel could be asked along with a detailed solution.  You can now purchase the R06 expected solution for £95 (£79 excluding VAT) for the 3 October exam. In addition you will also get access to Wizard Learning’s CPD and gap filling system for the next two months. This system gives you access to 5 online multimedia courses for subjects R01 to R05 providing you with valuable additional reference material prior to the exam.

Click here now to purchase the expected solution. After purchasing you will get immediate access to the R06 expected solution and the CPD and gap fill system will be added to your record within 24 hours.  A 5% discount applies to all Users of this site and anyone else who you forward this email to.

PLEASE NOTE: We have arranged a 5% discount with Wizard Learning. To get your discount you MUST enter the code PARA in the promotion box that appears after you click on the checkout image.

This is a post by Lucy Courtenay, Qualifications Director at Institute of Financial Planning.

The professional qualifications which Paraplanners have historically obtained have been the same as those of Financial Planners. Amongst level 6 qualifications, the Chartered Financial Planner qualification provided by the Chartered Insurance Institute (CII) and the much more challenging and more appropriate Certified Financial Planner^CM certification provided by the Institute of Financial Planning (IFP) have both proved popular with Paraplanners.  Any individual who has achieved these qualifications (and in some cases even higher level qualifications too) will have demonstrated a commitment to many years of study and development as well as the ability to retain and apply highly technical knowledge to complex Financial Planning issues.

The role of the Paraplanner however, though in many ways similar to that of a Financial Planner, has notable differences. In recognition of these differences, the IFP has developed a qualification specifically to test the skills and competence of Paraplanners – the Certificate in Paraplanning. This is a qualification which focuses on the specific skills of a Paraplanner rather than those of a Financial Planner.  It requires any individual who successfully attempts it to demonstrate that they are able to perform the specific Financial Planning skills tested to the required standard.

The qualification is new and has already received an excellent welcome from the profession. It recognises the very real skills and attributes of those individuals who  play a vital role within the Financial Planning practice, yet have not undertaken a role which was previously very easily defined or recognised.

This new qualification provides the benchmark for all Paraplanners. It will also help Financial Planning firms to identify those Paraplanners who can perform the necessary skills to this standard. Once Paraplanners have attained the necessary standard to pass the assessment,  they will be awarded  by IFP the title of “Accredited Paraplanner”, a title which IFP expects will set the standard for the growing numbers of Paraplanners in the UK

The Certificate in Paraplanning is set at QCF level 4 and to gain eligibility, candidates need to have passed an appropriate exam as well as a personal taxation paper.  The examination itself is two hours long and comprises 30 multiple choice questions plus a case study which carries 70% of the marks.  Typically candidates will need to tackle some tax calculations and areas of advice, and tax tables and other useful information are provided. The exam is delivered online, making it a convenient and flexible way for candidates to attempt it. The pass mark is in the region of 65%.

Success in the Certificate of Paraplanning also covers a number of gaps for those Paraplanners needing to meet the FSA Qualification gap-fill requirements. For those wishing to progress to higher qualifications, the Certificate provides the perfect route to then progress to gaining CFP^CM Certification in future.  Paraplanners who are working towards CII qualifications will be pleased to hear that the Certificate in Paraplanning attracts 20 non-unit specific credits at Diploma level.

To help Paraplanners prepare for the examination, IFP offers a useful e-learning course as well as a two day workshop.  You can find further information about the exam and training options here.

We have set up a Q&A area on the forum if you have any questions here.

This is a guest post by Claire Menni -  Awarded Best Paraplanner at FT New Breed Adviser Awards 2010.  If you’ve not been to an IFP meeting before I can definitely recommend it.

As the Chair for The Surrey Branch of the Institute of Financial Planning (IFP), I would like all Paraplanners in the area to know they are invited and encouraged to attend the branch meetings held in Guildford.  The first meeting is free to attend as a non-member and after that you can pay as you go, or preferably your employer will pay your annual subscription!!

As well as learning from the speakers, the meetings are a great place to meet other local Financial Planners and Paraplanners and gain from their experience. I was a member attending the branch meetings long before I became Chair and I think it is a great way to not only expand on your knowledge but talk through issues and ideas with others.

The next Surrey branch meeting is on Tuesday 5^th July at the Guildford Holiday Inn with refreshments served from 5.30pm and the speaker on from 6.00pm.  We aim to wrap up the meetings by 7.30pm as most are tired from a long day by then!

Nick Cann, The CEO of the IFP will be speaking for the first half of the evening on ‘If John Lewis was to create a Financial Planning Business what would he create?’.  For the second half of the meeting we are going to open up the floor for an ethics debate, based on a case study.   Be ready to share your views and opinions!

If you would like to attend July’s meeting, or are interested in receiving invites from the IFP for future events, please contact me at clairemenni@johnlamb.co.uk.

For those of you who are not local to Surrey, contact your regional branch Chair.  Full details of the branch program across the UK, together with contact details can be found here.

The IFP are running the first one day conference for paraplanners on 25 May – you can find out more details here. There is a varied and interesting programme that should suit new and experienced paraplanners and our very own Martin Vaughan is running a session on suitability letters.  One of the benefits of attending a conference is the chance to meet like minded people and we hope to see as many of you there as possible.

On June 30 2010, Institute of Financial Planning (IFP) officially launches the Certificate in Paraplanning, the first qualification in the UK to test the specific knowledge and skills relevant to the role of Paraplanner.

The launch will form part of IFP’s “Financial Planning in Practice” Conference, taking place on 30 June at the Village Hotel, Solihull.  The press release from the IFP continues…

The qualification brings well deserved recognition to this important role and will differentiate successful candidates from other Paraplanners carrying out a more administrative function. It has been developed by IFP over the past couple of years during which time it has consulted broadly within the Financial Planning community. The support of Scottish Widows with this development has been invaluable.

The qualification builds on the Paraplanner Job Role already developed by IFP. It will be set at QCF level 4 and awarded to candidates who have successfully passed the Principles of Financial Planning examination. The examination is available to candidates at convenient locations across the UK, with the first sittings taking place in November 2010. One section of the examination will be multiple-choice in format, with the remainder being case study based with candidates being required to produce highly focussed answers including calculations and recommendations.

Nick Cann CFPCM, CEO of IFP comments:

“For me this new qualification is the most important development yet within the Financial Planning profession. By working with the core of the Financial Planning community, IFP has defined and set out the Paraplanner role and requirements, and can now offer appropriate testing for those individuals who fulfil this important role. I am very excited by the prospect that we will now see a thriving Paraplanner community develop very quickly as a result of this. IFP looks forward to serving all the professional requirements of Paraplanners as well as others working within Financial Planning firms, to help them deliver an increasingly valuable service for their clients.”

Simon Massey, Intermediaries Director at Scottish Widows, says “Paraplanners have a growing role to play in the modern IFA business. There is an abundance of support available to IFAs including our own academy but, as yet, nothing in our industry specifically for Paraplanner development. This Programme and Qualification from IFP fills this gap and we are delighted to be supporting it.”

A new e-learning programme is available to candidates studying for the examination, as well as a two day Paraplanning workshop, which will help candidates to focus on the standards required to pass the examination. For full details of the examination as well as the training options developed by IFP to support candidates studying for it, visit www.financialplanning.org.uk

Day 2 of this informative and well received conference is today.  I was not able to make it but, due to the wonders of the internet (and Twitter in particular), was able to follow the event throughout yesterday and have written a review together with a list of the main points, tips and links which you can read here.

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.

Just a year ago, you would be forgiven for thinking that Social Networking websites were just for kids, but all of sudden the business world is using them as a powerful new tool for networking, marketing and sharing best practice. And yes, even the financial advice industry is getting on board too – because according to IFA Life around a third of all IFAs now have a Facebook page, with many also using LinkedIn and Twitter on a regular basis.

Paraplanners too are getting on board and are using social networking sites to attract new clients to their employers’ businesses, whilst others use these sites to add value to and communicate with existing clients. So it’s very exciting that in January 2010 there is a special Social Media conference for IFAs, Paraplanners and Providers where you’ll learn from the likes of Google, YouTube, LinkedIn and others exactly how you can use social networking sites in your day-to-day work.

We’ve also negotiated a great deal for Paraplanners who are going to attend – just £150 plus VAT for two-day pass saving £££s on the standard prices! Visit www.ifalife.com/socialmediaFS for further details – but if you want to reserve one of the special tickets for Paraplanners please send an email to philip@ifalife.com.  Act quickly to reserve your place and to beat the VAT increase!

Here at The Paraplanner we have been involved with the IFP in developing the new qualification for paraplanners.  The syllabus has been published today and you can read it here.  We would really like to know your thoughts so that we can pass these on.  It would also be good to know what title you would like to be able to use once the exam has been passed.

The IFP Conference starts on Monday and for the second year will have a dedicated paraplanner track including a session from Martin Vaughan.  The Paraplanner of the Year winner will also be announced on the Tuesday morning and we are looking forward to meeting Svenja.

If you are going to be at the conference please add a comment below as it would be great to meet with as many readers of the site (not just paraplanners) as possible.

If you are not going you can follow us and many other attendees on Twitter using the #ifpc tag . You can find out more about this here.  I will also be posting reviews, pictures and interviews on my own blog which you can find here.