A training academy has been developed by Openwork to help its member firms build succession planning into their practices.
The academy aims to attract and develop the next generation of financial advisers through training, helping to fix the fall in the number of advisers in recent years.
The training academy will launch in two stages over the next six weeks and continues on a rolling basis thereafter. The programme educates college or university graduates between the ages of 19 and 27 to Level 3 or 4 within 12 months. Level 3 is the equivalent to A-Level standard while Level 4 is the minimum advisers must have achieved for RDR.
Training and mentoring of students will be conducted centrally, but each participant will be attached to a specific business practice. This will help to share the cost of training with Openwork, as well as giving participants a strong non-academic grounding in the advice process.
Trainees in the first intake will study to qualify as pensions and investment advisers, while those in the second intake will work towards mortgage adviser qualifications.
Openwork stated that every participant who completes the 12 months of study successfully will leave with a professional qualification, the interpersonal skills necessary to become a good adviser, and a guaranteed job.
www.openwork.uk.com
Comment:
The ever-evolving regulatory environment can be seen as intimidating for those trying to break into the financial advice industry. Openwork is hoping to make life a bit easier for aspiring advisers with the launch of this new training academy.
The financial adviser network had previously tested the waters with such training events as a series of MMR-focused information roadshows in March and a countrywide masterclass for Openwork investment advisers in May, looking at business development 18 months on from the introduction of the Retail Distribution Review.
The financial services industry and clients requiring personalised advice have been hurt by the decline in the number of advisers in recent years. MMR and RDR have further complicated matters, possibly acting as a deterrent to those looking to break into financial services.
The launch of the training academy is an excellent way to improve the situation as all participants are guaranteed a job after completion of the year-long programme.
The announcement of the training academy launch comes two weeks after the company reported a second consecutive year of profits – a 20 per cent increase on the previous year – and their acquisition of 930 MetLife advisers in mid-September.
This further launch shows that Openwork is not looking to slow its expansion soon.
