News & Views

The Value of Apprenticeships

Business Management for Financial Advisers and Paraplanners

17 Jun 2019

 The Value of Apprenticeships

We passionately believe in the value of professional financial advice, and will continue to do all we can to help advisers remain successful and profitable.  We don’t believe there has been a better time to be a financial adviser in the UK; as the demand for advice continues to increase, the number of advisers struggles to keep up with that demand.  It will be no surprise to you, therefore, that we are committed to promoting financial services as an attractive career option.  

The apprenticeship programme run by the New Model Business Academy, offers paths to becoming a financial adviser or paraplanner.  Since we launched the apprenticeship scheme at the beginning of 2018, every cohort has been fully subscribed with future financial services professionals.  

Routes into financial advice have decreased over the years, with only limited options available to most independent firms. Many struggle through their exams alone, at their own cost, with no structure, encouragement or required soft skills training. 

Apprenticeships provide on-the-job training with off-the-job learning, and our apprenticeship programmes are recognised government apprenticeship standards. The advantage of an apprenticeship, which is 80% on-the-job learning, is that candidates come out as fully rounded and experienced advisers or paraplanners. Whilst exams are important, and 20% of time is spent studying towards exams, it is arguably more important to learn all of the other skills required to be successful within the world of financial advice.

To qualify for an apprenticeship, a candidate must be aged 16-65 and not already hold the qualification they are studying towards, (i.e. the Diploma in Regulated Financial Planning or Certificate in Paraplanning). Many advice firms already employ administrators or back office staff who may aspire to qualify as a either an adviser or paraplanner, and an apprenticeship could be the perfect route for them, providing a high level of support and guidance through the full qualifications. Many of our apprentices are also recent graduates, wishing to take their first steps into the industry, having already recognised the enormous opportunities that exist for them.

NMBA is one of the only financial services businesses which is a registered training provider to offer training for the financial advice and paraplanner apprenticeships standards. NMBA is looking to identify  those who may be interested in apprenticeships, so that they can anticipate what the demand will be over the next 12 to 18 months. Do you plan on taking on an apprentice? If so, please email apprenticeship@nmba.infoto register your interest. Please note, apprenticeships are unfortunately only available in England due to devolved policies in Scotland, Wales and NI.

 

 

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