National Occupational Standards Paraplanning

National Occupational Standards Paraplanning Final version approved July 2009

Contents About National Occupational Standards

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PP01: Assist the financial planner in the establishment of new client relationships PP02: Assess the client’s financial circumstances

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PP03: Prepare financial statements to support development of the client’s financial strategy

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

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PP05: Propose financial solutions for the client

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

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PP07: Support the ongoing relationship with financial planning clients

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PP08: Develop productive working relationships in a financial services environment

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PP09: Maintain professional development and financial services industry awareness

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Glossary of terms used in the units

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National Occupational Standards for Paraplanning

Final version approved July 2009

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ABOUT NATIONAL OCCUPATIONAL STANDARDS What are National Occupational Standards? National Occupational Standards (NOS) define the competences which apply to job roles and occupations. The formal definition is ‘the measurable performance outcomes an individual is expected to reach in a given occupation’. They are statements of the performance, knowledge and understanding required to confirm competence. Skills Councils have been charged by Government with the responsibility for developing NOS for all occupations in the UK. Within this remit and with the assistance of industry practitioners, the Financial Services Skills Council develops NOS for occupations across financial services. NOS can be used in a variety of ways including, for example, by an employer to assist with job design and evaluation of the skill sets for a role; in the recruitment and selection process; as an aid to the performance management of employees; for assessing achievement in a job role; and for supporting management information, as well as helping both the employer and individual with career development and identification of training needs. NOS can also form the starting point for qualification development. For whom have these Standards been written? These NOS are for those who provide paraplanning.services to financial planners in the delivery of bespoke solutions to clients as part of the financial advice process. They are intended to be suitably generic to cover the occupational competences required of paraplanners working within both large and small organisations, as well as the common ground within both general and specialist paraplanning roles. The extent to which competences need to be demonstrated will depend, in part, on the individual working relationship between the paraplanner and the financial planner. The term ‘where appropriate’ or similar, is used to denote activities that may apply to some roles and not others, depending on the business environment and operating procedures. It should be noted that: •

The term financial planner is used within these Standards to represent financial professionals (including financial advisers) who are licensed to provide financial advice

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Reference to specific professional qualifications are excluded from these units, as they do not measure occupational competence in the way that NOS are intended to be used

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Reference to professional organisations and to specific legislation by title is avoided to protect the NOS against future changes. Generic terminology is used to cover compliance matters (e.g., ‘regulations’).

How the NOS are presented The NOS are presented here as a collection or ‘suite’ of units. The units will also be available individually as stand-alone items. This may account for a perception that, when read as a whole within the suite, units can appear unnecessarily repetitive. Each should, therefore, be viewed as a discrete item, and read with this in mind. FSSC recognises that very few people will carry out all of the functions described in all nine units. Rather, NOS are intended to support a modular approach to learning, and each user should select the combination of units that is most appropriate to their job role.

National Occupational Standards for Paraplanning

Final version approved July 2009

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Paraplanning Key Areas The diagram below presents the key areas in which the paraplanner operates, as part of the broader framework of financial planning.

Professional Development

Professional Development Establish/re-establish client needs

Ongoing review and relationship management

Collate and interpret client information PARAPLANNING

Present solutions

Professional Development

National Occupational Standards for Paraplanning

Research and prepare recommendations

Professional Development

Final version approved July 2009

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How these Standards were developed A Working Group comprising paraplanners and financial planners, as well as individuals in other roles within financial services who have a working relationship with paraplanners, assisted FSSC with the standards development work. Their initial task was to identify a number of ‘key purposes’ for paraplanning, which formed the starting point for the development of a statement of paraplanning functions, known as a Functional Map. A Functional Map describes the work activities that take place across occupations within a sector. It sets out these work activities, in general terms, to build up a picture of the type of work that is carried out by individuals. Working within the Functional Map informs the development of National Occupational Standards. The Functional Map developed for paraplanning can be found on page 6. It sets out the key purposes of the paraplanning role; the key areas of the paraplanning role; the key functions undertaken by paraplanners; and the skills required to be a competent paraplanner. The units of National Occupational Standards which resulted from it, follow. .How the NOS should be used by organisations and employees The NOS have been developed to provide a ‘benchmark’ of industry developed competences against which employers and individuals can identify the skills required to perform the functions they cover. Users of these NOS should bear in mind that they are not intended to reflect the competences of one person’s job role, rather, they should be regarded as a source from which to ‘pick and mix’ to suit specific requirements. Each user should select the unit or combination of units that fits their needs for the particular job role within their organisation. For example, the competency of a trainee would be reflected in fewer units than those for a middle manager. Use of the NOS in this way will enable the employer and individual to see which competences need to be gained for career progression, and thereby assist in setting a clear career development programme based on improving/gaining skills. FSSC recognises that many firms have already developed their own training programmes. These NOS for Paraplanning are not intended to detract from this work but rather to complement it, under the ‘pick and mix’ approach to their usage. What National Occupational Standards contain Nine units of NOS have been developed to cover paraplanning functions. Each unit comprises the following: •

Unit title: this explains the key competence for the unit

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Unit overview: this describes what the unit is about and its coverage

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Outcomes of effective performance: list the critical functions that are required to meet the standard of competence outlined in the unit title and overview

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Knowledge requirements: these underpin the performance statements – i.e., what you need to know to be considered competent

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Behaviours: these explain the personal attributes that are required to reach each standard of competence. The ‘behaviours’ have been chosen to complement, strengthen and contextualise the performance statements and knowledge requirements

This suite of NOS includes a glossary of emboldened terms used throughout the units. This can be found on page 16.

National Occupational Standards for Paraplanning

Final version approved July 2009

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Functional Map Key Purposes

Key Areas

Key Functions

Skills Required

To support and assist financial planners in the delivery of bespoke solutions to clients as part of the financial advice process

Establish/re-establish client needs

Liaise with clients and financial planners to collect relevant information

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Technical knowledge and expertise relating to financial products and services, processes, procedures and regulations in a financial planning environment

Prepare information for analysis

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Knowledge and experience of financial planning

Assess clients’ goals, needs, objectives and circumstances

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Relationship management

Consider opportunities and constraints

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Knowledge of compliance issues

Identify gaps requiring more information

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Ability to gather and record evidence

Develop financial strategies for clients

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Report writing

Research appropriate products

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IT and presentation skills

Document and display all evidence

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Independent thinking

Prepare suitable and compliant reports

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Ability to prioritise

Implement the strategy by setting up appropriate products

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Attention to detail

Ensure compliant paperwork and files

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Analytical

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Problem Solving

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Ability to articulate complex material in a clear manner

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Confidence

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Team working

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Leadership (where appropriate to role)

Liaise with the client’s existing providers to collect information

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

To continuously improve and maintain client service levels in accordance with best business practices and in line with regulated guidelines

Collate and interpret client information

Research and prepare recommendations

Present solutions To support the financial planner in the development of valuable and long term business relationships with clients

Ongoing review and relationship manegement

Set up and maintain systems for control and review Prepare for future meetings between clients and financial planners Maintain Personal and Professional Development

National Occupational Standards for Paraplanning

Maintain industry awareness and interpersonal skills

Final version approved July 2009

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PP01: Assist the financial planner in the establishment of new client relationships Overview This unit is for those who provide paraplanning services to financial planners in the delivery of bespoke solutions to clients as part of the financial advice process. You must be able to support the financial planner to prepare for, and undertake, a first interview with a potential client. You may be required to attend this meeting depending on your organisation’s procedures. You must be able to support the financial planner by obtaining sufficient information from the client that will enable you to understand their goals, needs and objectives, assess your organisation’s ability to assist the client further, and ensure that the client understands the financial advice process and its purpose. Performance

Behaviours

Knowledge and understanding

You must be able to: 1. Ensure your organisation’s new client acquisition procedures are adhered to when preparing for, and undertaking contact with, prospective clients 2. Prepare all necessary paperwork for use by the financial planner as part of a client meeting 3. Assist the financial planner in the completion of compliance documents 4. Where required, assist the financial planner at client meetings to obtain sufficient information from the client that will enable you to fully understand their goals, needs and objectives 5. Communicate the purpose of your role, your duties and potential requirements for the benefit of the client 6. Check the client’s understanding of the information you have provided, and clarify where necessary 7. Assist the financial planner in assessing the suitability of the client in terms of meeting your organisation’s business objectives 8. Assist the financial planner to ensure the client is fully aware of, and understands, the advisory process, including the next steps 9. Where required, clarify for the client the timescales needed to research and prepare a financial strategy and report 10. Prepare client files containing all the required information and in the format required by the organisation

You must demonstrate the following:

You must know and understand: 1. Your organisation’s new client acquisition procedures 2. The paperwork required by the financial planner when undertaking a first meeting with a client 3. How to complete compliance documents, either online or paper-based, as appropriate 4. The types of information pertinent to the identification of the client’s goals, needs and objectives 5. Typical goals, needs, objectives and obstacles which will enable or prevent the effective implementation of a financial plan 6. Fact finding techniques and information gathering strategies appropriate to different types of client 7. Effective communication methods and techniques 8. The timescales involved in researching and preparing a financial strategy and report 9. The client’s contact preferences 10. Your organisation’s procedures for recording and storing information 11. Your organisation’s requirements relating to the application of codes, laws and regulatory requirements as they impact on your activities 12. Your organisation’s practice and procedures relating to the recognition, promotion and application of ethical standards 13. The regulatory framework within which your organisation operates

National Occupational Standards for Paraplanning

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You ask questions when appropriate, expressing these clearly and concisely

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You analyse information effectively

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You explain complex information in a clear manner

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You are able to think independently

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You prioritise objectives and plan work to make best use of time and resources

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You consider and uphold the client’s goals, needs and objectives at all times

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You build an effective rapport with the client, the financial planner and other colleagues

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You proactively seek knowledge and clarification from colleagues or from your organisation’s procedures if in doubt

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You carry out tasks with due regard to your organisation’s policies and procedures

Final version approved July 2009

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PP02: Assess the client’s financial circumstances Overview This unit is for those who provide paraplanning services to financial planners in the delivery of bespoke solutions to clients as part of the financial advice process. You must be able to confirm the client’s goals, needs and objectives, their attitude to and capacity for risk, as well as the suitability of their existing financial arrangements. You must also be able to identify where information appears to be inconclusive and identify what further information you require, whilst at all times remaining vigilant to the possibilities of financial crime. Performance

Behaviours

Knowledge and understanding

You must be able to: 1. Confirm the client’s goals, needs and objectives by acquiring information from the financial planner 2. Confirm the client’s attitude to and capacity for financial risk by ensuring that their risk profile has been determined 3. Identify and obtain details of the client’s current financial holdings, either directly from the client, or from the financial planner, where held 4. Prepare and issue accurate letters of authority to the client to obtain the necessary existing policy information 5. Identify and seek information relating to the client’s incomings, outgoings, assets and liabilities 6. Assist the financial planner in analysing the client’s existing financial holdings to evaluate their ability to meet the client’s goals, needs and objectives 7. Identify where additional or supporting information would help to more accurately illustrate the client’s financial circumstances 8. Where appropriate, report suspicions of financial crime to the appropriate parties, in line with your organisation’s procedures

You must demonstrate the following:

You must know and understand: 1. The client’s goals, needs and objectives as articulated by the financial planner 2. The techniques used to determine the client’s attitude to, and capacity for, risk 3. The types of information required relating to the client’s existing holdings, and the most effective way to obtain it 4. The types of information pertinent to establishing the client’s incomings, outgoings, assets and liabilities 5. How to prepare letters of authority 6. The typical factors that can cause change in the client’s circumstances, and the possible implications on the client’s achievement of their goals, needs and objectives 7. How to measure the suitability of the client’s existing holdings 8. How to identify and report suspicions of different types of financial crime 9. Your organisation’s procedures for recording and storing information 10. Your organisation’s requirements relating to the application of codes, laws and regulatory requirements as they impact on your activities 11. Your organisation’s practice and procedures relating to the recognition, promotion and application of ethical standards 12. The regulatory framework within which your organisation operates

National Occupational Standards for Paraplanning

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You show attention to technical details

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You analyse information effectively

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You articulate complex information in a clear manner

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You are able to think independently

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You are adept at finding solutions to problems

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You make use of effective processes for gathering and recording evidence

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You prioritise objectives and plan work to make best use of time and resources

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You consider and uphold the client’s goals, needs and objectives at all times

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You build an effective rapport with the client, the financial planner and other colleagues

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You proactively seek knowledge and clarification from colleagues or from your organisation’s procedures if in doubt

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You carry out tasks with due regard to your organisation’s policies and procedures

Final version approved July 2009

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PP03: Prepare financial statements to support development of the client’s financial strategy Overview This unit is for those who provide paraplanning services to financial planners in the delivery of bespoke solutions to clients as part of the financial advice process. You must be able to identify and obtain financial information needed from the client to support the preparation of accurate statements of the client’s financial situation. The purpose is to understand the implications this will have on the draft financial strategy for the client which you prepare for review by the financial planner. Performance

Behaviours

Knowledge and understanding

You must be able to: 1. Explain clearly to the client how you intend to use their financial information, check their understanding, and clarify where necessary 2. Identify and obtain the information necessary for preparing financial statements, covering the client’s incomings, outgoings, assets and liabilities 3. Compile a draft net worth statement using information about the client’s assets and liabilities 4. Compile a detailed income and expenditure statement using information about the client’s incomings and outgoings 5. Prepare a detailed cash flow forecast covering a timescale agreed with the financial planner 6. Review the cash flow forecast and check for errors 7. Identify any gaps or queries relating to the financial information provided by the client, and obtain further information or clarification where required 8. Identify the client’s tax position and prepare accurate tax calculations 9. Prepare accurate valuations of the client’s existing asset base

You must demonstrate the following:

You must know and understand: 1. The types of financial information that need to be included when preparing financial statements 2. How to compile, format and present financial data to serve the purposes of financial statements 3. How to use your company’s resources that will enable you to prepare financial statements 4. How to use your organisation’s information technology systems 5. The types of data that provide cause for concern, and the appropriate follow up mechanisms 6. The most appropriate sources for corroborating financial information, where uncertainty or doubt exists 7. The typical factors that can cause change in clients’ circumstances, and their implications for clients’ financial arrangements 8. Current tax rules, the potential impact on the client and how to prepare tax calculations 9. How to prepare valuations 10. Your organisation’s procedures for recording and storing information 11. Your organisation’s requirements relating to the application of codes, laws and regulatory requirements as they impact on your activities 12. Your organisation’s practice and procedures relating to the recognition, promotion and application of ethical standards 13. The regulatory framework within which your organisation operates

National Occupational Standards for Paraplanning

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You select relevant data appropriately

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You consider carefully what further information may be required and the purpose it will serve

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You show attention to technical details

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You analyse information effectively

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You articulate complex information in a clear manner

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You are able to think independently

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You are adept at finding solutions to problems

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You prioritise objectives and plan work to make best use of time and resources

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You consider and uphold the client’s goals, needs and objectives at all times

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You proactively seek knowledge and clarification from colleagues or from your organisation’s procedures if in doubt

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You carry out tasks with due regard to your organisation’s policies and procedures

Final version approved July 2009

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PP04: Carry out research to inform the development of the financial strategy for the client Overview This unit is for those who provide paraplanning services to financial planners in the delivery of bespoke solutions to clients as part of the financial advice process. You must be able to prioritise areas for research in line with the client’s goals, needs and objectives. You must then be able to undertake research and analysis of any applicable products and services that are appropriate to their financial circumstances. This will enable you to determine those which fulfil the needs of the financial strategy for the client which you have prepared for review by the financial planner. Performance

Behaviours

Knowledge and understanding

You must be able to: 1. Prioritise areas for research in line with the client’s goals, needs and objectives, and discuss these with the financial planner 2. Research financial products and services to scope potential financial solutions suitable for meeting the client’s needs 3. Assist the financial planner to evaluate potential financial solutions, in terms of their suitability for the client’s risk profile, as well as their goals, needs and objectives 4. Identify the costs and possible implications for the client, of the potential solutions 5. Determine the allocation of the client’s assets which are most appropriate to the client’s risk profile 6. Select the most appropriate financial solutions that meet the client’s needs, their risk profile, and conform to regulatory requirements 7. Where appropriate, identify alternative or additional solutions that may benefit the client, either within or outside your organisation

You must demonstrate the following:

You must know and understand: 1. How to conduct efficient and selective research 2. The financial products and services available to your organisation 3. Where to source and obtain reliable, current and effective information about the financial products and services offered by your organisation 4. How to evaluate the suitability of financial products and services against the client’s risk profile, as well as their goals, needs and objectives 5. How to identify the benefits and costs of financial solutions 6. Appropriate options for the allocation of the client’s assets 7. The types of financial products and services that other departments or organisations may offer which may be suitable for the client 8. Current tax rules and the potential impact on the client 9. Your organisation’s requirements relating to the application of codes, laws and regulatory requirements as they impact on your activities 10. Your organisation’s practice and procedures relating to the recognition, promotion and application of ethical standards 11. The regulatory framework within which your organisation operates

National Occupational Standards for Paraplanning

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Your analysis of information is logical and any recommendations are supported by the information available

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Your assessments of product suitability are fair and are justifiable in terms of the client’s requirements

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You are able to gather and record information that is used for evidential purposes

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You show attention to technical details

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You analyse information effectively

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Your articulate complex information in a clear manner

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You are able to think independently

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You are adept at finding solutions to problems

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You prioritise objectives and plan work to make best use of time and resources

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You consider and uphold the client’s goals, needs and objectives at all times

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You proactively seek knowledge and clarification from colleagues or from your organisation’s procedures if in doubt

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You carry out tasks with due regard to your organisation’s policies and procedures Final version approved July 2009

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PP05: Propose financial solutions for the client Overview This unit is for those who provide paraplanning services to financial planners in the delivery of bespoke solutions to clients as part of the financial advice process. You must be able to prioritise areas for research in line with the client’s goals, needs and objectives. You must then be able to undertake research and analysis of any applicable products and services that are appropriate to their financial circumstances. This will enable you to determine those which fulfil the needs of the financial strategy for the client which you have prepared for review by the financial planner. Performance

Behaviours

Knowledge and understanding

You must be able to: 1. Prepare draft financial proposals that meet the client’s goals, needs and objectives 2. Discuss the draft financial proposals with the financial planner and prepare presentations as appropriate 3. Produce technically competent reports suitable for the client to understand 4. Document clearly the features, benefits and associated risks of the solutions you have identified 5. Document the suitability and affordability of the solutions you recommend and their impact on the client’s existing arrangements 6. Justify proposed financial solutions on the basis of your assessment of the client’s goals, needs and objectives, financial circumstances, and risk profile 7. Produce concise and comprehensive internal reports documenting the financial strategy, how it meets the client’s goals, needs and objectives, and the suitability of the recommended financial solutions 8. Ensure all reports are compliant with industry regulation and business guidelines 9. Issue appropriate supplementary information to the client where required 10. Follow up with the client where required to ensure return of completed documents

You must demonstrate the following:

You must know and understand: 1. How to compile, format and present effective draft financial proposals 2. Methods for producing and articulating information in reports, in line with your organisation’s requirements 3. How to use your organisation’s information technology systems 4. How to identify and articulate features, benefits and risks 5. How to measure the suitability of financial solutions against the client’s goals, needs and objectives 6. The types of supplementary information that must be issued to the client 7. Your organisation’s procedures for recording and storing information 8. Your organisation’s requirements relating to the application of codes, laws and regulatory requirements as they impact on your activities 9. Your organisation’s practice and procedures relating to the recognition, promotion and application of ethical standards 10. Your organisation’s measures and indicators of performance 11. The regulatory framework within which your organisation operates

National Occupational Standards for Paraplanning

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You demonstrate report writing and presentation skills

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You show attention to technical details

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You articulate complex information in a clear manner

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You analyse information effectively

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You are adept at finding solutions to problems

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You are able to think independently

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You prioritise objectives and plan work to make best use of time and resources

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You consider and uphold the client’s goals, needs and objectives at all times

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You communicate with the financial planner and other colleagues in a professional manner

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You proactively seek knowledge and clarification from colleagues or from your organisation’s procedures if in doubt

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You carry out tasks with due regard to your organisation’s policies and procedures

Final version approved July 2009

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PP06: Assist with the implementation of the financial strategy as agreed with the client Overview This unit is for those who provide paraplanning services to financial planners in the delivery of bespoke solutions to clients as part of the financial advice process. You must be able to accurately complete the application and proposal forms with the client’s authority, and agree with the financial planner what actions you must undertake to implement the financial strategy. Changes to the client’s existing holdings will need to be made where appropriate, and once in place, new investment or policy information must be checked for accuracy. Performance

Behaviours

Knowledge and understanding

You must be able to: 1. Accurately complete the application / proposal forms, with the necessary authority obtained from the client 2. Agree the required implementation actions with the financial planner 3. Make the required changes to the client’s existing holdings where dictated by the financial strategy and where agreed by the client 4. Implement the chosen strategies, using platforms where appropriate 5. Confirm the accuracy of investment or policy documentation received from providers, and rectify any errors identified 6. Update organisational systems where required

You must demonstrate the following:

You must know and understand: 1. How to complete proposal forms 2. How to obtain the client’s authority 3. The processes involved for making changes to existing client holdings 4. The processes involved for implementing new investment strategies 5. When to liaise with the client’s legal and tax advisers 6. Your organisation’s procedures for recording and storing information 7. Your organisation’s practice and procedures relating to the application of industry regulation and standard codes of practice 8. Your organisation’s requirements relating to the application of codes, laws and regulatory requirements as they impact on your activities 9. The regulatory framework within which your organisation operates

National Occupational Standards for Paraplanning

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You demonstrate written skills

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You show attention to technical details

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You articulate complex information in a clear manner

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You prioritise objectives and plan work to make best use of time and resources

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You consider and uphold the client’s goals, needs and objectives at all times

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You communicate with the financial planner and other colleagues in a professional manner

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You proactively seek knowledge and clarification from colleagues or from your organisation’s procedures if in doubt

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You carry out tasks with due regard to your organisation’s policies and procedures

Final version approved July 2009

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PP07: Support the ongoing client relationship Overview This unit is for those who provide paraplanning services to financial planners in the delivery of bespoke solutions to clients as part of the financial advice process. You must be able to support the ongoing relationship with financial planning clients by delivering a consistent, smooth and reliable service. This will involve reviewing client files and the performance of clients’ financial holdings in order to plan and arrange effective further meetings with the financial planner. You must be responsive to ad hoc queries from clients and ensure that they are kept informed by providing relevant financial documentation and updates as appropriate. At all times you must be able to identify ways of improving the client experience, and deal with compliance-related requests. Performance

Behaviours

Knowledge and understanding

You must be able to: 1. Set up and maintain a system for reviewing client files and cases, with appropriate timescales 2. Undertake periodic reviews of client holdings to determine accurately the financial performance of your client’s existing financial arrangements 3. Prepare for effective future client meetings by reviewing information in the client case files 4. Organise contact between the client and the financial planner, where required 5. Support the financial planner in client meetings where required 6. Deal with ad hoc queries from the client, efficiently and in accordance with your organisation’s procedures 7. Identify ways of improving the client experience with your organisation 8. Follow up and issue appropriate documentation to the client when required 9. Where required, clarify the expectations of the client in terms of timescales required to prepare and deliver financial solutions 10. Respond to compliance requests by supplying the required information within the required timescales

You must demonstrate the following:

You must know and understand: 1. Principles of effective relationship management 2. How to implement effective monitoring systems 3. The information relevant to identifying the performance of existing financial solutions 4. How to negotiate effectively with clients 5. The importance of client loyalty to your organisation 6. Where to obtain guidance if unable to respond immediately to the client’s queries 7. The typical factors that can cause change in clients’ circumstances, and their implications for clients’ financial arrangements 8. Your organisation’s procedures for recording and storing information 9. Your organisation’s requirements relating to the application of codes, laws and regulatory requirements as they impact on your activities 10. The regulatory framework within which your organisation operates

National Occupational Standards for Paraplanning

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You take pride in improving the client relationship

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You respond quickly to potential problems

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You show attention to technical details

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You articulate complex information in a clear manner

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You analyse information effectively

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You are adept at finding solutions to problems

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You are able to think independently

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You consider and uphold the client’s goals, needs and objectives at all times

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You prioritise objectives and plan work to make best use of time and resources

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You build an effective rapport with the client, the financial planner and other colleagues

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You communicate with the financial planner and other colleagues in a professional manner

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You proactively seek knowledge and clarification from colleagues or from your organisation’s procedures if in doubt

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You carry out tasks with due regard to your organisation’s policies and procedures Final version approved July 2009

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PP08: Develop productive working relationships in a financial services environment Overview This unit is for those who provide paraplanning services to financial planners in the delivery of bespoke solutions to clients as part of the financial advice process. You must be able to develop working relationships with colleagues, within your own organisation and in associated organisations that are productive in terms of supporting and delivering your work and that of the organisation. ‘Colleagues’ are any people with whom you are expected to work. Performance

Behaviours

Knowledge and understanding

You must be able to: 1. Establish good working relationships with all colleagues 2. Recognise and respect the roles and responsibilities of colleagues 3. Understand and take account of the priorities, expectations, and authority of colleagues in decisions and actions 4. Honour commitments made with colleagues and confirm with them when they have been fulfilled 5. Advise colleagues promptly of any difficulties or where it will be impossible to carry out what has been agreed 6. Promote understanding by presenting information clearly, concisely and accurately 7. Manage relationships with colleagues to support the delivery of your work 8. Exchange information and resources with colleagues to support the delivery of your work 9. Make time available to support others

You must demonstrate the following:

You must know and understand: 1. The benefits of developing productive working relationships with colleagues 2. The principles of effective communication and how to apply them to communicate effectively with colleagues 3. How to manage relationships with colleagues 4. The importance of exchanging information and resources with colleagues 5. Colleagues who are relevant to the work being carried out, their work roles and responsibilities 6. Processes within the organisation for making decisions 7. Standards of behaviour and performance expected in your organisation 8. Information and resources that different colleagues might need

National Occupational Standards for Paraplanning

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You respect the views and actions of others

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You take personal responsibility for your actions

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You act within the limits of your authority

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You build an effective rapport with the client, the financial planner and other colleagues

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You communicate with the financial planner and other colleagues in a professional manner

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You proactively seek knowledge and clarification from colleagues or from your organisation’s procedures if in doubt

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You carry out tasks with due regard to your organisation’s policies and procedures

Final version approved July 2009

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PP09: Maintain professional development and financial services industry awareness Overview This unit is for those who provide paraplanning services to financial planners in the delivery of bespoke solutions to clients as part of the financial advice process. You must be able to take a proactive approach to your professional development in order to achieve your work objectives and your career goals. This includes identifying and undertaking activities to develop your knowledge, skills and understanding. As a paraplanner, you must keep abreast of changes to financial services industry regulation, codes of practice, as well as changes to products and services that are available to your organisation. Performance

Behaviours

Knowledge and understanding

You must be able to: 1. Evaluate at appropriate intervals the current and future requirements of your work-role, taking into account financial services industry changes and the objectives of your organisation 2. Identify any gaps between the requirements of your job and your current knowledge, understanding and skills 3. Discuss and agree with those to whom you report, personal work objectives and how to measure your progress 4. Agree with the relevant person a development plan to help improve your ability to meet the demands of the job 5. Seek constructive feedback on your performance from those who are in a position to evaluate it fairly 6. Identify appropriate networks and sources of up-to-date and appropriate financial services industry-related knowledge 7. Maintain an up-to-date knowledge of financial products and services appropriate to your organisation 8. Maintain an up-to-date knowledge of financial services industry developments 9. At appropriate intervals review regulations and legislation that affect your organisation, so that correct procedures are followed at all times 10. Where forthcoming changes to regulations or operating procedures are announced, prepare for and implement changes to your working practices 11. Maintain an up-to-date awareness of the consequences of non compliance with regulations and legislation that affect your organisation

You must demonstrate the following:

You must know and understand: 1. The principles which underpin professional development 2. The importance of considering your values along with your career and personal goals, and how to relate these to your job role and professional development 3. How to evaluate the current requirements of your work role and how the requirements may evolve in the future 4. How to set objectives which are specific, measurable, achievable, realistic and time-bound 5. How to identify your development needs 6. What an effective development plan should contain and the length of time that it should cover 7. The types of development activities which can be undertaken to address identified gaps in your knowledge, understanding and skills 8. How to obtain effective feedback on your performance 9. How to source and use appropriate networks for maintaining an up-to-date knowledge of financial products and services and industry developments 10. Where to source and obtain reliable, current and effective information about the legal requirements, regulatory requirements and codes of practice that affect your work 11. Your organisation’s requirements relating to the application of codes, laws and regulatory requirements as they impact on your activities 12. Your organisation’s practice and procedures relating to the recognition, promotion and application of ethical standards

National Occupational Standards for Paraplanning

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You prioritise objectives and plan work to make best use of time and resources

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You take personal responsibility for making things happen

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You take pride in delivering high quality work

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You recognise your own strengths and limitations, and use alternative strategies to minimise the impact of your limitations

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You make the best use of available resources and proactively seek new sources of support when necessary

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You proactively seek to maintain up-todate knowledge

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You show attention to technical details

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You articulate complex information in a clear manner

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You analyse information effectively

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You are able to think independently

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You prioritise objectives and plan work to make best use of time and resources

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You carry out tasks with due regard to your organisation’s policies and procedures

Final version approved July 2009

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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 financial advice, products and services

financial planner

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

financial statements

the set of records which summarise different aspects of the client’s financial situation

Goals

the client’s non-financial future aspirations

holdings

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

needs

the client’s financial requirements that will help them achieve their goals

objectives

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

platforms

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

products

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

personal and) professional development

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

relationship management

collective term used to define the processes of tracking and organising contact with clients, as part of the financial advice process

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

National Occupational Standards for Paraplanning

Final version approved July 2009

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