View more on these topics

Paraplanning apprenticeship gets green light despite funding concerns

Savings-Education-University-Piggy-Bank-Book-Study-700x450.jpgThe New Model Business Academy is set to launch its long-awaited paraplanning apprenticeship after it was shelved earlier this year due to lack of funding.

Speaking to Money Marketing, NMBA director Tom Hegarty says a 1 August application through the Education and Skills Funding Agency for further funding was confirmed last Wednesday.

While the sum is only half what the Simply Biz-owned group was expecting to receive, Hegarty says the apprenticeship will now go ahead.

Hegarty says: “The apprenticeship will help boost professionalism across the sector and also support advisers out there who need more help from qualified paraplanners.

“We also hope it will start creating a benchmark for paraplanners to aspire to.”

The first cohort is expected to have around 20 candidates and will start in early February to align with the beginning of NMBA’s next financial planning apprenticeship cohort.

The paraplanning apprenticeship will also be available for people who are already paraplanners but are not Level 4 qualified.

Hegarty says NMBA is on track to use up the £218,000 it received from the Education and Skills Funding Agency last December thanks to high interest in the financial planning apprenticeship since its April launch.

Plans for NMBA to launch an administrator apprenticeship have been shelved, however.

Roundtable: The future of paraplanning

Hegarty says: “We have had second thoughts on it and in reality there are quite a few providers running that kind of programme, so rather than us duplicating others work, we are trying to fill the gaps that few organisations are managing to do.

“The administrator programme is also a Level 3 apprenticeship and just covers RO1 so the funding we now have could instead be used on programmes where there is a higher demand which is definitely in paraplanning.”

A recent survey NMBA conducted amongst its members had 71 per cent of respondents vote in favour of paraplanners being qualified to a Level 4 standard.

Hegarty says: “We are seeing a huge demand for paraplanning right across the industry and that is another reason why we should include a paraplanning apprenticeship in what we offer.”

Recommended

Capital-Stock-Bonds-Shares-Certificate-Portfolio-700x450.jpg

Standard Life Aberdeen moves ahead on share buyback plan

Standard Life Aberdeen is moving ahead with its share buyback programme, as it continues to spend millions on returning funds to shareholders in the company. In a stock exchange notice published this morning, Standard Life says it has purchased another 1,400,267 shares at an average of 300p. Recods show last week, it purchased another 1.5 […]

5

SJP shares sliding as £100bn AUM mark approaches

Shares in advice giant St James’s Place are “irrationally” undervalued given the firm alone makes up 12 per cent of the advice market, analysts have said. SJP had £96.6bn in assets under management in August and is expected to surpass £100bn when it releases its interim report on Q3 later this month. Shares in the […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. Having previously worked on apprenticeships at (E)SFA, I know how rigorous the process is, so this is good news for the professionalism of the industry. Good luck to NMBA and all who paraplan with her!

Leave a comment

Close

Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm

Email: customerservices@moneymarketing.com