National Occupational Standards Paraplanning

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National Occupational Standards

ParaplanningFinal version approved July 2009


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National Occupational Standards for Paraplanning Final version approved July 2009 Page 2

Contents

About National Occupational Standards 3

PP01: Assist the financial planner in the establishment of new client relationships 7

PP02: Assess the clients financial circumstances 8

PP03: Prepare financial statements to support development of the clients financial strategy 9

PP04: Carry out research to inform the development of the financial strategy for the client 10

PP05: Propose financial solutions for the client 11

PP06: Assist with the implementation of the financial strategy as agreed with the client 12

PP07: Support the ongoing relationship with financial planning clients 13

PP08: Develop productive working relationships in a financial services environment 14

PP09: Maintain professional development and financial services industry awareness 15

Glossary of terms used in the units 16


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Paraplanning Key Areas

The diagram below presents the key areasin which the paraplanner operates, as part of the broader framework of financial planning.

Ongoing review andrelationship management

Establish/re-establishclient needs

Present solutions

Collate and interpretclient information

Research and preparerecommendations

PARAPLANNING

Professional

Development

Professional

Development

Professional

Development

Professional

Development


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Functional Map

Key Purposes

To support and assist financial planners inthe delivery of bespoke solutions to clientsas part of the financial advice process

To contribute to the increase in profit forthe fee earners and business owners

To continuously improve and maintainclient service levels in accordance withbest business practices and in line withregulated guidelines

To support the financial planner in the

development of valuable and long termbusiness relationships with clients

Key Areas

Establish/re-establish client needs

Collate and interpret client information

Research and prepare recommendations

Present solutions

Ongoing review and relationshipmanegement

Maintain Personal and ProfessionalDevelopment

Key Functions

Liaise with clients and financial planners tocollect relevant information

Liaise with the clients existing providers tocollect information

Prepare information for analysis

Assess clients goals, needs, objectives

and circumstances

Consider opportunities and constraints

Identify gaps requiring more information

Develop financial strategies for clients

Research appropriate products

Document and display all evidence

Prepare suitable and compliant reports

Implement the strategy by setting upappropriate products

Ensure compliant paperwork and files

Set up and maintain systems for controland review

Prepare for future meetings betweenclients and financial planners

Maintain industry awareness andinterpersonal skills

Skills Required

Technical knowledge and expertiserelating to financial products andservices, processes, procedures andregulations in a financial planningenvironment

Knowledge and experience offinancial planning

Relationship management

Knowledge of compliance issues

Ability to gather and record evidence

Report writing

IT and presentation skills

Independent thinking

Ability to prioritise

Attention to detail

Analytical

Problem Solving

Ability to articulate complex material ina clear manner

Confidence

Team working

Leadership (where appropriate to role)


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National Occupational Standards for Paraplanning

Glossary of terms used in the units

The following blanket terms and definitions are listed as they apply to the NOS:

client the paying beneficiary of f inancial advice, products and services

financial planner[includes financial adviser] the professional who assists clients to put together a financial plan and co-ordinate financialactivities, through the provision of licensed advice and guidance

financial statements the set of records which summarise different aspects of the clients financial situation

Goals the clients non-financial future aspirations

holdings collective term used to define the financial products and services held by the client

needs the clients financial requirements that will help them achieve their goals

objectives the actions the client should take in order to help them achieve their goals

platformsaccounts where a funds are managed on behalf of the client, for a fixed periodical fee to cover all administrative,commission and management expenses

productscollective term used to define individually named financial solutions that are purchased by the client, including thosewithin the categories of life, pensions, investments

personal and) professionaldevelopment

the skills and knowledge obtained by paraplanners, through bespoke activities, which are used for both personal andcareer enhancement

relationship managementcollective term used to define the processes of tracking and organising contact with clients, as part of the financial adviceprocess

risk profile the classification attributed to the client following the process of establishing their attitude to risk

services collective term used to define the channels through which financial products can be purchased or accessed by the client

strategy the systematic plan of action that is designed to assist the client achieve their objectives and goals

your organisation the business you either own, work for, or represent, through your professional activities

Documents

National Occupational Standards Paraplanning