Becoming a PFS Associate Firm

Why we’ve decided to become a PFS Associate Firm

Late last year we became a Personal Financial Society (PFS) Associate Firm; one of a handful of outsourced paraplanning businesses to take this step.

It would be fair to ask why we’ve made this decision when, as outsourced paraplanners, we don’t offer regulated advice and aren’t client facing.

Three reasons why

Reason one

Well, to start with we like what the PFS do. We like what they stand for and the attention they pay to Paraplanners. Other industry bodies are, of course, available and are doing just as good a job of recognising and engaging with paraplanners – we just happen to like the PFS.

Reason two

We like the principles that are at the heart of their culture. Many of them resonate with our values.

Our beliefs
  • Bringing clarity
  • Collaboration
  • Doing the right thing every time
  • Valuing and listening to people
PFS core principles
  1. Act in the best interests of clients, using a customer charter to aid transparency
  2. Demonstrate integrity, probity and fairness by aligning with the code of professional ethics and conduct
  3. Comply with the spirit as well as rules of regulation
  4. Comply with the spirit as well as the rules of employment law
  5. Invest in our people by funding a policy of ongoing training and professional development
  6. Operate a clear diversity and inclusion policy, for both our staff and clients
  7. Operate a policy of corporate social responsibility
  8. Adhere to transparent governance standards and processes.

While they may not be exactly the same, the PFS principles really strike a chord for us and are great addition to our existing beliefs. They give us plenty to think about and give us a good framework for challenging how we do things.

Reason three

You’d expect us to be good at paraplanning – we’d expect us to be good at paraplanning, after all, it’s our bread and butter. But there are many aspects involved in running a small business, and it’s useful to have guidance. As an Associate, we’re able to access plenty of guidance in areas like diversity and inclusion which will help us continue to do the right thing every time.

Is it worth it?

For us yes, and we’ve noticed a few other outsourced paraplanners becoming Associate firms. The PFS have a list of Associate members on their website here.

We like the rigour of their principles, and support on offer.