National Occupational Standards

Paraplanning
Final version approved July 2009
Contents
About National Occupational Standards 3
PP01: Assist the financial planner in the establishment of new client relationships 7
PP02: Assess the client’s financial circumstances 8
PP03: Prepare financial statements to support development of the client’s 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

National Occupational Standards for Paraplanning Final version approved July 2009 Page 2
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
• 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
• 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 Page 3
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 Professional
Development Development
Establish/re-establish
client needs

Ongoing review and Collate and interpret

relationship management client information

PARAPLANNING

Present solutions Research and prepare

recommendations

Professional Professional
Development Development

National Occupational Standards for Paraplanning Final version approved July 2009 Page 4
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
• Unit overview: this describes what the unit is about and its coverage
• Outcomes of effective performance: list the critical functions that are required to meet the standard of competence outlined in the unit title and overview
• Knowledge requirements: these underpin the performance statements – i.e., what you need to know to be considered competent
• 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 Page 5

Key Purposes
To support and assist financial planners in
the delivery of bespoke solutions to clients
as part of the financial advice process
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
To support the financial planner in the
development of valuable and long term
business relationships with clients
National Occupational Standards for Paraplanning
Functional Map
Key Areas
Establish/re-establish client needs
Collate and interpret client information
Research and prepare recommendations
Present solutions
Ongoing review and relationship
manegement
Maintain Personal and Professional
Development
Final version approved July 2009
Key Functions
Liaise with clients and financial planners to
collect relevant information
Liaise with the client’s existing providers to
collect 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 up
appropriate products
Ensure compliant paperwork and files
Set up and maintain systems for control
and review
Prepare for future meetings between
clients and financial planners
Maintain industry awareness and
interpersonal skills
Skills Required
• Technical knowledge and expertise
relating to financial products and
services, processes, procedures and
regulations in a financial planning
environment
• Knowledge and experience of
financial 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 in
a clear manner
• Confidence
• Team working
• Leadership (where appropriate to role)
Page 6
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 ask questions when appropriate,
expressing these clearly and concisely
• You analyse information effectively
• You explain complex information in a
clear manner
• You are able to think independently
• You prioritise objectives and plan work
to make best use of time and resources
• You consider and uphold the client’s
goals, needs and objectives at all times
• You build an effective rapport with the
client, the financial planner and other
colleagues
• You proactively seek knowledge and
clarification from colleagues or from
your organisation’s procedures if in
doubt
• You carry out tasks with due regard to
your organisation’s policies and
procedures
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 Final version approved July 2009 Page 7
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
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
National Occupational Standards for Paraplanning
Behaviours
You must demonstrate the following:
• You show attention to technical details
• You analyse information effectively
• You articulate complex information in a
clear manner
• You are able to think independently
• You are adept at finding solutions to
problems
• You make use of effective processes
for gathering and recording evidence
• You prioritise objectives and plan work
to make best use of time and resources
• You consider and uphold the client’s
goals, needs and objectives at all times
• You build an effective rapport with the
client, the financial planner and other
colleagues
• You proactively seek knowledge and
clarification from colleagues or from
your organisation’s procedures if in
doubt
• You carry out tasks with due regard to
your organisation’s policies and
procedures
Final version approved July 2009
Knowledge and understanding
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
Page 8
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
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
National Occupational Standards for Paraplanning
Behaviours
You must demonstrate the following:
• You select relevant data appropriately
• You consider carefully what further
information may be required and the
purpose it will serve
• You show attention to technical details
• You analyse information effectively
• You articulate complex information in a
clear manner
• You are able to think independently
• You are adept at finding solutions to
problems
• You prioritise objectives and plan work
to make best use of time and resources
• You consider and uphold the client’s
goals, needs and objectives at all times
• You proactively seek knowledge and
clarification from colleagues or from
your organisation’s procedures if in
doubt
• You carry out tasks with due regard to
your organisation’s policies and
procedures
Final version approved July 2009
Knowledge and understanding
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
Page 9
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
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
National Occupational Standards for Paraplanning
Behaviours
You must demonstrate the following:
• Your analysis of information is logical
and any recommendations are
supported by the information available
• Your assessments of product
suitability are fair and are justifiable in
terms of the client’s requirements
• You are able to gather and record
information that is used for evidential
purposes
• You show attention to technical details
• You analyse information effectively
• Your articulate complex information in
a clear manner
• You are able to think independently
• You are adept at finding solutions to
problems
• You prioritise objectives and plan work
to make best use of time and
resources
• You consider and uphold the client’s
goals, needs and objectives at all
times
• You proactively seek knowledge and
clarification from colleagues or from
your organisation’s procedures if in
doubt
• You carry out tasks with due regard to
your organisation’s policies and
procedures
Final version approved July 2009
Knowledge and understanding
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
Page 10
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
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
National Occupational Standards for Paraplanning
Behaviours
You must demonstrate the following:
• You demonstrate report writing and
presentation skills
• You show attention to technical details
• You articulate complex information in a
clear manner
• You analyse information effectively
• You are adept at finding solutions to
problems
• You are able to think independently
• You prioritise objectives and plan work
to make best use of time and resources
• You consider and uphold the client’s
goals, needs and objectives at all times
• You communicate with the financial
planner and other colleagues in a
professional manner
• You proactively seek knowledge and
clarification from colleagues or from
your organisation’s procedures if in
doubt
• You carry out tasks with due regard to
your organisation’s policies and
procedures
Final version approved July 2009
Knowledge and understanding
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
Page 11
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 demonstrate written skills
• You show attention to technical details
• You articulate complex information in a
clear manner
• You prioritise objectives and plan work
to make best use of time and resources
• You consider and uphold the client’s
goals, needs and objectives at all times
• You communicate with the financial
planner and other colleagues in a
professional manner
• You proactively seek knowledge and
clarification from colleagues or from
your organisation’s procedures if in
doubt
• You carry out tasks with due regard to
your organisation’s policies and
procedures
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 Final version approved July 2009 Page 12
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:
• You take pride in improving the client 1. Principles of effective relationship management
relationship 2. How to implement effective monitoring systems
• You respond quickly to potential 3. The information relevant to identifying the performance
problems of existing financial solutions
• You show attention to technical details 4. How to negotiate effectively with clients
• You articulate complex information in a 5. The importance of client loyalty to your organisation
clear manner 6. Where to obtain guidance if unable to respond
• You analyse information effectively immediately to the client’s queries
• You are adept at finding solutions to 7. The typical factors that can cause change in clients’
problems circumstances, and their implications for clients’
• You are able to think independently financial arrangements
8. Your organisation’s procedures for recording and
• You consider and uphold the client’s
storing information
goals, needs and objectives at all times
9. Your organisation’s requirements relating to the
• You prioritise objectives and plan work
application of codes, laws and regulatory requirements
to make best use of time and resources
as they impact on your activities
• You build an effective rapport with the 10. The regulatory framework within which your
client, the financial planner and other organisation operates
colleagues
• You communicate with the financial
planner and other colleagues in a
professional manner
• You proactively seek knowledge and
clarification from colleagues or from
your organisation’s procedures if in
doubt
• You carry out tasks with due regard to
your organisation’s policies and
procedures

National Occupational Standards for Paraplanning Final version approved July 2009 Page 13
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 respect the views and actions of
others
• You take personal responsibility for
your actions
• You act within the limits of your
authority
• You build an effective rapport with the
client, the financial planner and other
colleagues
• You communicate with the financial
planner and other colleagues in a
professional manner
• You proactively seek knowledge and
clarification from colleagues or from
your organisation’s procedures if in
doubt
• You carry out tasks with due regard to
your organisation’s policies and
procedures
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

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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 prioritise objectives and plan work
to make best use of time and resources
• You take personal responsibility for
making things happen
• You take pride in delivering high quality
work
• You recognise your own strengths and
limitations, and use alternative
strategies to minimise the impact of
your limitations
• You make the best use of available
resources and proactively seek new
sources of support when necessary
• You proactively seek to maintain up-to-
date knowledge
• You show attention to technical details
• You articulate complex information in a
clear manner
• You analyse information effectively
• You are able to think independently
• You prioritise objectives and plan work
to make best use of time and resources
• You carry out tasks with due regard to
your organisation’s policies and
procedures
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

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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

[includes ‘financial adviser’] the professional who assists clients to put together a financial plan and co-ordinate financial
financial planner
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
accounts where a funds are managed on behalf of the client, for a fixed periodical fee to cover all administrative,
platforms
commission and management expenses
collective term used to define individually named financial solutions that are purchased by the client, including those
products
within the categories of life, pensions, investments
personal and) professional the skills and knowledge obtained by paraplanners, through bespoke activities, which are used for both personal and
development career enhancement
collective term used to define the processes of tracking and organising contact with clients, as part of the financial advice
relationship management
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

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