Norwich Union has set up a new adviser training programme in a bid to encourage more graduates to take up a career in financial advice.
The firm says its future adviser programme is designed to attract graduates at a time when the challenges of the retail distribution review could potentially see the number of advisers fall markedly in the next few years.
Recent research conducted by the firm shows that 24 per cent of advisers are thinking of leaving or retiring from the industry.
Potential hurdles in the RDR proposals include setting higher professional standards, changing remuneration structures and the need for higher capital holdings. The programme, in partnership with The Institute of Financial Planning, launched as a pilot scheme with Manchester Metropolitan University Business School on February 23. Norwich Union distribution development director Steve Gay says: “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.”