Financial Adviser apprenticeship scheme being considered
Hot on the trail of the announcement in October 2015 that a government-backed apprenticeship scheme for paraplanners was being implemented comes news via Financial Adviser that a similar scheme for financial advisers is being discussed. Sponsored by the Personal Finance Society it already has the backing of 15 employers.
The PFS will design the programme in the next few months prior to presenting their findings to the Department for Business innovation and Skills for approval.
The industry has lost an estimated 4,000 advisers since 2011 and with the average age of advisers put at 58 according to one study there are concerns about a looming advice gap.
This should be excellent news for the industry. Since the demise of direct sales firms and significant scaling back by many high street banks, opportunities for the next generation of advisers have been severely limited. Such a scheme will offer an element of structure and support sadly lacking within financial planning at present.