The New Model Business Academy has applied to be added to the register of apprenticeship training providers.
Being on the register would accredit the New Model Business Academy as a government recognised training body, allowing it to support firms taking on apprentices.
Last month the government published its approved standards for the financial advice apprenticeship, which will receive £9,000 of funding.
Tom Hegarty, managing director of the New Model Business Academy, said this could be a “considerable game changer” for bringing new blood into the industry.
He said: “Whilst many have commented on the fact that diminishing numbers have been an issue in the financial advisory profession for a number of years, very little has actually been achieved in response and, as a sector, nobody has yet been able to produce a viable solution.
“Whilst this new apprenticeship regime would still require support from employers, the development path and the external training would be provided and funded through an approved training provider.
“The New Model Business Academy can provide support to any advice firm in the UK market and we therefore have a much broader reach than any existing providers of this kind of service.”
A survey of New Model Business Academy members found that 95 per cent would be interested in taking on an apprentice.
The standard published by the Skills Funding Agency is designed for apprentices with no previous experience and employers will set their own entry requirements – though level two English and maths will be required.
At the end of the scheme the apprentices will be assessed based on a case study test and a viva based on a portfolio of evidence gathered over their time in the scheme.
Advisers will have to demonstrate they have learnt about managing risk, understanding the client’s needs and objectives, cash flow modelling and the wider financial services market.
The New Model Business Academy will discover if it has been successful in its application in March 2017.
Launched in 2008 as part of the SimplyBiz Group, the academy was originally designed to support advisory firms in gaining their level four qualification and making the business transition changes necessary to comply with Retail Distribution Review requirements, and supported thousands of advisers through this process.
The academy repositioned post Retail Distribution Review, and now focusses on personal and professional development, including conducting and recording online CPD programmes.
damian.fantato@ft.com
