The Government has set out the standard required for adviser apprenticeships which has been developed by 10 major advice brands.
The adviser apprenticeship standard has been put together by Sense, Lighthouse, Succession, Openwork, Tenet, Sesame, Towry, The Beaufort Group, Santander and Ablestoke Financial Planning.
The standard sets out that adviser apprenticeships should typically last between 24 and 30 months, and should be reviewed after a maximum of three years.
It highlights that progression beyond an apprenticeship can include achieving chartered financial planning status or owning an advice business.
There are a number of key competencies which are said to mark out a successful apprenticeship, including knowledge of the financial services market, regulation, and products and tools such as cash flow modelling.
Skills include meeting the company’s customer service standards, managing risk and communication. The standard also sets out professionalism and relationship management as key behaviours demonstrated by advisers.
The standard says: “Advisers operate in a highly regulated environment and in order to give financial advice, they must have professional qualifications and demonstrate a high degree of integrity, adherence to a code of ethics and be committed to maintaining their professional development and knowledge.”