The Personal Finance Society has been in discussions with Sesame Bankhall Group about the future of its training initiative but the Society’s head is urging greater involvement allround from adviser firms.
PFS chief executive Keith Richards said he had been in contact with Sesame Bankhall Group to see what support the PFS could offer its financial adviser school, adding that discussions were ongoing.
But he said: “Given the structure and funding of the school, it would seem more logical that either a single, or group of adviser firms take this forward and I am encouraged to see that a number have already stepped forward, including the offer of financial support from Zurich.”
Sesame Bankhall Group recently announced that it would close the school, which launched in November 2010, following a decision to shut its network to investment and pension advisers.
Simon Goldthorpe, founder of The Beaufort Group, said that while one large firm had expressed interest in saving the school it had not been willing to commit financially.
A Zurich spokesman said: “We would consider supporting any initiative that brings new skills into the market. There is a shortage of advisers and, as a business, we recognise the value of advice in delivering better customer outcomes.
“We are monitoring developments and back the Financial Adviser School remaining open, so we continue to have the opportunity to support it.”
2011: Sesame Bankhall Group launches the Financial Adviser School.
2013: School announces the launch of its university award scheme.
2013: School looks into setting up an educational link-up in India.
Serena van der Meulen, principal of Doncaster-based Van der Meulen Associates, said: “I took on two graduates from the school back in 2013 and 2014, and I think the Financial Adviser School as a concept is fabulous. I just do not see a better way of getting people into the industry, people who really want to do it. They are mixing with like-minded people and have fire in their bellies.
“I also worked with the Financial Adviser School as a mentor, and if I were re-recruiting, I would want someone who came from there. They are trained to do the job, not just the exams and this is the main thing for any firm. I would be very disappointed if it could not be kept going.”