Advisers should back the government’s latest apprenticeship scheme, an Association of Professional Financial Advisers report has suggested.
The two-page online report from the trade body highlighted the profession’s lack of entry points and clearly-defined career path as barriers to attracting new advisers, but pointed to the increased professional status post-RDR as an opportunity to establish a framework for career development.
The report called on the profession to focus on providing adequate training for specific roles, in addition to the formal qualifications needed after RDR.
According to the study the industry also needs to make better use of government funding for training, such as that available under the Trailblazer programme, the government’s shake-up of its apprenticeship schemes.
Chris Hannant, director general of Apfa, said: “Financial advice is becoming increasingly professionalised post-RDR. This is good for consumers and good for advisers as we seek to help people make the best choices and generate optimal outcomes.
“Policy-makers are looking to advisers to help with the implementation of big shifts in policy. It’s important that advice is plentiful, well-qualified and available at a price that makes it accessible.
“For their part, consumers are now looking to financial advisers to aid their decision-making on a far wider range of issues, making it all the more important to think about a professionally-recognised career path that can help the advisers continue to meet their consumer’s needs over the next 10, 15 or 20 years.”
Fiona Tait, business development manager of Scottish Life, said: “The implementation of the RDR has shaken up the way in which advisers sell their services and interact with their customers.
“This is likely to continue; the changes in the pension market alone mean consumers will be making harder and more crucial decisions than ever before.
“It’s important that, like its customers, the financial advice industry takes the proper steps when planning for the future.”
Adviser View
Marcus Bowsher, director of Yorkshire-based Marcus Bowsher Consulting Ltd, said advisers should get behind Trailblazer as government funding is available to support these schemes and is payable to employers.
He said: “Advisers can receive financial support to develop their staff through professionally recognised career paths for the benefit of employee, employer and the sector as a whole.”
