Schroders Personal Wealth is launching a new advisor training programme to open up opportunities and help shore up available talent nationally.

Supported by the Chartered Insurance Institute (CII), Schroders Personal Wealth (SPW) has launced an 18-month  programme designed to give candidates the qualifications and skills they need to become personal wealth advisors. The first intake of 20 will sit exams with the CII, starting with R01 and progressing to a Diploma in Regulated Planning.

In the current economic circumstances, “the need for high-quality advisors has never been more important,” said Tom Horan, head of advisor development at SPW, and leading the effort.

Others in the sector have launched similar schemes. St James’s Place runs a two-year career-change programme focused on financial planning and wealth management training. The deVere Group has expanded its graduate financial training over the last two years, placing candidates across offices in Malta, Dubai, Malaga, Sydney and New York, in a bid to attract and develop talent.

Larger managers, such as UBS, and leading private banks often use generous in-house training as a calling card to draw top graduates. But overall, the sector has been slow to unlock paths into financial and wealth planning for people from more diverse backgrounds to help infuse the sector with broader views.

Any new crop of advisors needs to cut across shifting generational expectations, grasp fast-changing technology, and fill the gap left by many retiring from the profession or leaving early because of margin and compliance pressures. On these fronts and staying technically ahead, the industry is under duress.

WealthBriefing monitors training programmes globally to see where institutions are developing skills. In terms of Master of Business Administration (MBA) courses for postgraduates, there are relatively few courses available, but a longer list of other certifications does exist. The list, updated in June, is published here.

SPW describes its new programme as supporting a next-generation of advisors and those switching careers and entering financial planning for the first time.

The UK wealth manager, which is a joint venture between Lloyds Banking Group and Schroders, said it will continue supporting candidates after training towards gaining Chartered Financial Planner status.

It also intends to increase its intake for the next academic cycle and launch beyond London in locations across the UK.