The provider says the programme is designed to encourage new talent to enter the advisory profession at a time when a “perfect storm of Retail Distribution Review challenges threatens the advisory capacity of the market”.
RDR proposals are setting higher professional standards, changing remuneration structures, and requiring higher capital adequacy.
NU’s research has found that 24 per cent of advisers were thinking of retiring or leaving the profession. As a result, it believes that it is now time to build awareness and enthusiasm amongst graduates to pursue a career in this sector.
NU distribution development director Steve Gay says: “There is a demand and supply paradox within this sector, where the advisory firms find it difficult to recruit high calibre people, yet undergraduates are often unaware that the financial advice profession is crying out for new entrants.
“Through the Norwich Union Future Adviser Programme we’re taking a leading role in bringing these parties together, thereby ensuring that in the future the public have access to quality financial advice.
“We know from our research that advisory firms struggle to recruit new advisers at an appropriate qualified or skilled level: the results of Norwich Union’s own regular RDR barometer adviser survey indicate that 84 per cent of financial advisers who have looked to recruit in the past three years have experienced difficulties in doing so successfully.”