Financial advisers overwhelmingly endorse Personal Finance Society’s apprenticeship plan
10 May 2016
More than three quarters of financial advisers are interested in taking on an apprentice as part of a new specialist programme being developed by the Personal Finance Society (PFS), a recent survey of the sector has revealed.
The survey, conducted by the leading professional body, reveals that an overwhelming majority (97.1%) of advisers believe a specialist apprenticeship for financial advisers is a good idea for the sector, while 75.4% said they would be interested in taking on an apprentice if the new scheme is approved.
More than two thirds (68%) of respondents said they were more likely to use a new apprenticeship to develop a new member of staff while 32% said they were more likely to use it to develop an existing member of staff.
The Personal Finance Society is sponsoring the development of a new financial adviser apprenticeship, complementing the recently-launched, government-supported financial services administrator and paraplanner apprenticeship schemes.
Personal Finance Society chief executive, Keith Richards, says the new scheme will augment a comprehensive range of staff development opportunities for financial advice businesses, making it easier for them to develop new talent, support their client proposition and facilitate business growth.
“In light of the FAMR proposal to allow a longer period for new advisers to become qualified, increasing access to advice is essential,” he commented.
“The structure of this new apprenticeship dovetails with this objective by facilitating an additional route for advisers to enter the market.”
“The survey clearly shows that there is an appetite from within the sector to access the talent pool, and when considered together with the potential for streamlined advice and the extended guidance processes, the financial adviser apprentice initiative offers a positive step forward for many businesses, especially for those dealing with less complex savings and investment needs.”
The apprenticeship is due to go live in mid-to-late summer following approval from the Department for Business Innovation and Skills.
The Personal Finance Society is sponsoring a steering group of employers, which has already held a preliminary series of workshops to determine the definition of the requisite knowledge, skills and behavioural competencies required by the programme.
Marcus Bowsher, lead consultant on the project added: “It is important to maximise the input in this development phase to ensure that the final design is capable of representing a wide range of adviser businesses, whether large or small, whole-of-market or restricted.”
Note: 417 financial adviser firms took part in the Personal Finance Society’s apprenticeship survey, which was conducted for a two-week period from 22 April 2016 to 6 May 2016.
