It is good to see an increasing number of words being written about the need to find new advisers in our profession, i.e. apprentice funding, the new PFS Aspire programme.
But, there is still the underlying problem that new entrants do not arrive at an IFA firm and hit the ground running. Think of the parallel scenario with a lawyer. New entrants arrive with a law degree and much of the technicalities under their belts.
I recently paid a visit to a university in south Wales and was saddened by the news that they have just stopped their financial planning degree. This degree was accredited at level four by the FCA. That means a firm taking on a recruit from this course is broadly 'ready to go' aside from competency sign off/training.
The number of students needed to run the course was 15. How sad. I am told there is a regular queue outside the law degree door.
Fathers take pride in saying: "Here's my Jimmy, he's going to be a lawyer". I bet my bottom dollar that when Jimmy came back earlier from the careers office and said that there was also an interesting financial planning course on offer that he was probably dissuaded by his father. It's not as credible.
If we really wanted to solve the issue of getting new entrants to the profession then the regulator should be talking to universities and discussing how to get level four accredited courses more widespread throughout the UK.
Ian McIver
Development director
Nexus IFA
Bridgwater
Somerset
