International advice firm deVere is expanding its graduate training programme in a bid to plug “the impending financial adviser gap”.
The firm says it will be looking to take on around 125 graduates this year, a significant increase on the 94 graduates who filled the programme in 2017.
Trainees will work in many of the company’s international offices, including placements in Malta, Dubai, Malaga, Sydney and New York.
This expansion comes after a more difficult year for deVere.
In 2017 it announced that it would be closing offices following a change to the way overseas pensions – or QROPS – are taxed. At the time deVere said QROPS represented about 20 per cent of its business, although many were based in the EEA, so were unaffected by these changes.
The company also stopped providing pension transfer reports in February 2017 while the FCA conducted a “skilled person review” into the firm’s pension transfer advice.
deVere Group’s founder and chief executive Nigel Green says: “There is a pressing need for the sector to set-up and train and recruit the next generation of wealth management professionals to fill the impending adviser gap.”
He says this gap is being exacerbated by many advisers leaving the industry – due to retirement or the pressures of increasing regulation.
He adds: “At the same time global demand for sound financial advice was growing, with the baby boomer generation now heading into retirement and financial technology advances.”
Green adds: “We are confident we can attract the best grads to become the new industry leaders as deVere is heavily focused on new fintech solutions which we believe are the future of the industry.
“We provide hands-on experience, in-depth mentoring, training from leading institutions, the opportunity to work all over the world as well as formal industry qualifications.”
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