A new apprenticeship standard for the financial advice sector has been unveiled.
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 Society.
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 apprenticeships.
“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 incentives. Firms will be required to work with an approved apprenticeship training provider the duration of apprenticeship. Candidates any age are eligible apply, including both new recruits and existing staff who have substantial learning requirements. Minister State Apprenticeships Skills Robert Halfon said: “Apprenticeships offer young people a ladder opportunity gain vital skills they businesses need succeed. “By putting more control in hands employers, we ensuring apprenticeships high quality address shortages facing industry. “Congratulations Financial Adviser Trailblazer publishing their standard assessment plan, playing active role developing workforce future.” A recent survey Personal Finance Society members found that than three quarters financial advisers interested taking on apprentice as part specialist programme. Adam Owen, head development at Sense Network chair employer steering group responsible standard, encouraged advice firms all sizes consider employing apprentice. “We know there is appetite from within sector employ enthusiastic candidates seeking progress careers professional advice,” he said. “The specific job role, makes it easier adviser develop talent, which turn support client proposition facilitate business growth evolution.”
