The London Institute of Banking & Finance has today (13 January) announced the launch of a new Level 4 qualification in paraplanning, developed in consultation with the industry.
Mark Heaton, Managing Director of Corporate & Professional Learning at The London Institute of Banking & Finance says:
“The skills and knowledge being demanded of paraplanners has grown extensively, particularly post MIFID II. Whereas in the past it may have been a ‘steppingstone’ to becoming a financial adviser, it is now a career in its own right. It is a highly technical role, and paraplanners are relied on by those in advisory positions as well as clients themselves. It’s time to reflect that in our qualifications and support paraplanners in getting the recognition they deserve. We’ve worked very closely with the industry to ensure we achieve that.
“The Level 4 Diploma in Paraplanning takes a practical and blended learning approach, including case studies, and we’ve also mapped the qualification to the paraplanner apprenticeship standard. We hope these changes will help the sector recruit a new generation of paraplanners to help fill the skills gap.”
The Level 4 Diploma in Paraplanning (DipPP) is open for registrations from today (13 January) and the start date is 17 February 2020. It replaces the existing Level 3 Certificate in Paraplanning & Financial Administration (CertPFA). Students currently studying the Level 3 qualification will be able to continue their studies or transfer to the new Level 4 qualification.
What the industry thinks
David Owen, Wealth Director at Lifetime Connect, says:
“Arguably, paraplanners need to be more technically proficient, competent and with better written skills than advisers. Having a Level 4 qualification that focuses on the practical skills, as well as the technical knowledge, will provide paraplanners with the recognition they deserve. This qualification is a gamechanger.”
Michelle Wilson-Stimson, Managing Director of eParaplan, says:
“This new qualification route is both exciting and very much needed in such a fast paced and everchanging profession. Having read through and been part of the creation just shows that the LIBF are really keen to introduce qualifications that have both great merit to not only individuals but the businesses they work for also. Being aligned to the paraplanner apprenticeship standard provides a fantastic opportunity for trainees to have both hands-on experience as well as passing examinations that truly reflect their day to day role. This is a path we will be introducing for new trainees going forward due to its perfect alignment with skill and qualification to the paraplanning role.
Find out more about our new L4 Diploma in Paraplanning course