Future generations of financial advisers will be offered a wider
range of pathways into the profession after the launch of a new
apprenticeship standard for the sector.
The Department for Education has approved the
new specialist Financial Adviser apprenticeship standard, which
offers employers up to £9,600 in financial assistance to contribute
towards the development of a competent financial adviser.
The apprenticeship standard is the result of a six-month project
completed by a group of financial planning businesses representing
the sector, and supported by professional body the Personal Finance
Personal Finance Society chief executive Keith Richards said the
apprenticeship offered a much-needed alternative route for advisers
to enter the profession, complementing the recently-launched
Financial Services Administrator, Mortgage Adviser and Paraplanner
"This is great news for our sector, which faces an ongoing risk
of future skills shortages in the absence of initiatives such as
this new employer-led apprenticeship standard," he said.
"We have long discussed the issues relating to developing new
talent in our sector and apprenticeships provide a fantastic
opportunity to overcome some of these barriers for financial
planning firms, including a structured training and development
programme supported by government funding."
Government funding is available to support employers taking on
apprentices, where funds are used to support external training and
assessment costs including exams and study support. Small firms
(defined as <50 employees) can qualify for additional
Firms will be required to work with an approved apprenticeship
training provider for the duration of the apprenticeship.
Candidates of any age are eligible to apply, including both new
recruits and existing staff who have substantial new learning
Minister of State for Apprenticeships and Skills Robert Halfon
said: "Apprenticeships offer young people a ladder of opportunity
to gain the vital skills they and businesses need to succeed."
"By putting more control in the hands of employers, we are
ensuring apprenticeships are high quality and address skills
shortages facing industry."
"Congratulations to Financial Adviser Trailblazer for publishing
their apprenticeship standard and assessment plan, and for playing
an active role in developing the workforce of the future."
A recent survey of Personal Finance Society members found that
more than three quarters of financial advisers are interested in
taking on an apprentice as part of the new specialist
Adam Owen, head of learning and development at Sense Network and
chair of the employer steering group responsible for developing the
apprenticeship standard, encouraged advice firms of all sizes to
consider employing an apprentice.
"We know there is an appetite from within the sector to employ
enthusiastic candidates seeking an opportunity to progress their
careers in professional financial advice," he said.
"The new apprenticeship standard, specific to the job role,
makes it easier for adviser firms to develop their new and existing
talent, which will in turn support their client proposition and
facilitate business growth and evolution."
For more information about the new Financial Adviser
apprenticeship, please visit:
Apprenticeship standard: financial adviser (approved for
Employers guide to apprenticeships