The apprenticeship standard is the result of a six-month project by a group of financial planning businesses on behalf of the sector, supported by the Personal Finance Society (PFS).
Keith Richards, chief executive of the PFS, said the apprenticeship complements the recently launched financial services administrator, mortgage adviser and paraplanner apprenticeships, offering an alternative route for advisers to enter the profession.
Richards said: “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, including a structured training and development programme supported by government funding.”
Government funding is available to employers who take on apprentices; funding must be directed towards supporting external training and assessment costs, such as exams and study support. Firms with fewer than 50 employees may qualify for additional incentives.
Employers will be required to work with approved apprenticeship training providers for the duration of the apprenticeship. Candidates of any age are eligible to apply, including both new recruits and existing staff who have substantial new learning requirements.
Advice firms of all sizes should consider taking on an apprentice according to Adam Owen, head of learning and development at Sense Network and chair of the employer steering group which developed the standard.
He said: “The new apprenticeship standard, specific to the job role, makes it easier for adviser firms to develop their new and existing talent, which will in turn support their client proposition and facilitate business growth and evolution.”
Further information on the apprenticeship standard can be found on the PFS website.