Openwork is aiming to attract and develop the next generation of financial advisers through the launch of a training academy designed to help its member firms build succession planning into their practices.

Launching in two stages over the next six weeks and continuing on a rolling quarterly basis thereafter, the programme will aim to take college or university graduates aged 19-27 to Level 3 or 4 in the space of 12 months. Trainees in the first intake will be seeking to qualify as pensions and investments advisers while those beginning in October will be studying for mortgage qualifications.

All training and mentoring will be conducted centrally but each participant will be attached to a specific business practice – which will share the cost of training with Openwork – to give them a strong non-academic grounding in the advice process.

Openwork said all successful participants will be guaranteed a job after qualification.

Mary-Anne McIntyre, Openwork CEO, said: “The fall in adviser numbers in recent years is hugely undesirable both for the industry and for consumers seeking financial advice. As a large network with a rich heritage of training, we feel we are well placed to find and develop the next generation of financial advisers and to help our business practices plan for succession.

“After 12 months every successful candidate will have not only a professional qualification but also the interpersonal skills to become a good adviser after spending much of their training programme embedded in a carefully selected adviser business. We believe this is a great opportunity to support the long-term future of our member firms as well as the industry in general and we look forward to welcoming the first wave of trainees into the academy next week.”