The majority of IFAs are interested in taking on an apprentice as part of a new specialist programme being put together by The Personal Finance Society (PFS). The apprenticeship scheme is due to go live in the summer following approval from the Department for Business Innovation and Skills.
A survey by the PFS showed that more than three quarters of financial advisers are interested in taking part. Over 97% of advisers, said the survey, believed a specialist apprenticeship for financial advisers is a good idea for the sector. What’s more, 75.4% said they would be interested in taking on an apprentice if the new scheme is approved. Also, 68% said they were more likely to use a new apprenticeship to develop a new member of staff and 32% said they were more likely to use it to develop an existing member of staff.
The idea, said the PFS, is that the new scheme should 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.
PFS CEO Keith Richards said: “In light of the FAMR proposal to allow a longer period for new advisers to become qualified, increasing access to advice is essential. 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.”
Lead consultant on the project Marcus Bowsher said: “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.”