Kaplan Professional has introduced a new initiative aimed at enhancing the pool of financial advisers by launching an Advanced Diploma for Paraplanners. This move comes in response to the industry’s recognition that solely relying on recent graduates for new advisers may lead to a slow replenishment of the workforce.

The Advanced Diploma in Paraplanning is designed to cater to both current paraplanners and individuals aspiring to enter the financial advice sector. Kaplan’s CEO, Brian Knight, highlights that the course was developed in consultation with licensees and industry practitioners to ensure its rigor and relevance.

Paraplanners, although not subject to the same educational standards as financial advisers, play a crucial role in the advisory process. Knight emphasizes their importance, stating that they are essentially the driving force behind financial planning activities. The newly launched qualification, which is fully digital, includes various assessments such as written and oral tasks, along with the creation of three statements of advice during the program.

The course aims to serve as a stepping stone for paraplanners to progress into higher educational qualifications mandated by industry standards. By providing formal recognition to existing paraplanners and offering a pathway for aspiring ones, Kaplan seeks to instill confidence in licensees regarding the competence of individuals completing the program.

With concerns raised about the limited influx of new talent from traditional university channels, Kaplan’s initiative offers an alternative route to bolster the number of advisers in the industry. Knight believes that acknowledging the foundational role paraplanners play will contribute significantly to addressing the shortage of advisers.

In light of recent proposals to broaden the eligibility for adviser exams and potential changes in exam structures, Kaplan’s paraplanning course is positioned to align with these developments. The program intends to prepare paraplanners for the exam, ensuring they are equipped with the necessary knowledge and skills to pursue further accreditation and eventually transition into advisory roles.

Looking ahead, Kaplan plans to introduce a professional year plan to provide additional support for paraplanners aspiring to advance their careers as advisers. This initiative underscores the commitment to nurturing talent within the industry and bridging the gap between education and practical application in the financial advisory space.