The new apprenticeship is envisaged to last around 24-30 months and is designed for people with no previous experience in the industry, though it can also be offered as a progression opportunity for those in roles such as financial services administrator, mortgage adviser or paraplanner.
To be successful prospective financial advisers will be assessed on a range of skills including their knowledge of the financial services market and current regulations, knowing the customer, managing risk and on overall communication Skills
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 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.
“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,” said Richards.
“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,” he added. Small firms with less than 50 employees can also qualify for additional incentives.
Under the scheme, IFA firms will be required to work with an approved apprenticeship training provider for the duration of the training. Candidates of any age are eligible to apply, including both new recruits and existing staff who have substantial new learning requirements.