The Personal Finance Society (PFS) has received more than 300
registrations of interest in its new financial adviser development
programme in just five weeks since its launch.
As a result of the overwhelming response, the PFS is looking to
extend the programme, as 88 individuals are already set to commence
the training in the first half of this year. The first cohort will
begin in March, followed by four additional cohorts in May, across
Manchester, Bristol, Birmingham and London.
Together with its accredited training partner, FWD Training
& Consultancy, the PFS is in discussions with hundreds more
interested firms, and is planning to deliver the programme to
additional groups from September.
PFS chief executive Keith Richards said: "We have been delighted
by the response from financial advice firms, who are clearly
looking for new pathways to develop their staff and support the
next generation of financial advisers across the country."
"As the leading professional body for the personal finance
sector, we are committed to driving new initiatives that address
the very real and ongoing risk of future skills shortages and the
evident need for succession planning."
"Our development programme removes many of the barriers facing
firms that seek to develop new talent in our sector, and provides a
tangible programme of training and support. We are thrilled that so
many of our members have contacted us with a real interest and
enthusiasm to engage with us on this new initiative."
Comprising a combination of apprenticeship funding and PFS
sponsorship, the structured training programme lasts 18 months,
during which participants achieve the necessary qualifications and
skills required to become a fully qualified financial adviser.
All six diploma exams (R01 - R06) are included, as well as all
support material including textbooks and remote learning support.
Regional exam revision sessions will be made available to all
participants, as well as soft skills workshops delivered by an
The programme'slaunch follows the development of the new
Financial Adviser apprenticeship standard, which was sponsored by
the PFS and approved by the Department for Education in November.
It offers employers up to £9,600 in financial assistance to
contribute towards the development of a competent financial
A recent PFS survey revealed that more than three quarters of
advice firms were considering taking on additional staff in the
next three years, but more than one in five (22%) said a lack of
talent and skilled trainees was a major short-term threat to the
success of their business.
The PFS programmeis available to any employed member of staff
who works a minimum 30 hours per week, with additional assistance
available for firms seeking to employ new recruits into the
programme. It is currently available to employees based in England,
while policy clarification is sought for apprenticeship funding in
the devolved regions.
An employer contribution of £900 will be required for staff aged
19 or older, but for firms with less than 50 employees where the
starting age is less than 19, no contribution is required. There is
an additional £1000 incentive available for any size business
enrolling an existing or new employee aged less than 19 into the
Registrations of interest can be made by contacting firstname.lastname@example.org
For more details and information, visit www.fwdtraining.com/pfs