The FAA will recruit and train advisers for IFA networks, banks and other tied sales forces.
Chief executive Bob Gill says the company’s mission is to develop the next generation of trusted advisers.
He says: “The financial services industry in the UK has been wasteful in the extreme, concentrating on recycling existing advisers around the industry with lamentable attempts to attract new blood.
“The Financial Advice Academy’s mission is to encourage networks, banks and IFAs to look to the future; recruiting quality, then making their professional apprentices productive quickly, building lasting client relationships, while earning advisers’ loyalty and retention.”
Finance director Peter Jewitt adds: “With currently fewer than 50,000 advisers in the UK, the industry has frankly struggled to find an answer to growing its distribution capacity. With the large numbers of financial services personnel entering the job market, now is the time for the Financial Advice Academy to offer its practical, cost effective solutions to effective recruitment, training and retention.”