Wealth firms are developing academies and other entities to try and build and keep talent at a time when intergenerational wealth transfer and skill shortages are an issue.

Ascot Lloyd, a UK independent financial advisor, has appointed Duncan Gregory as the head of its new Ascot Lloyd Adviser Academy, with immediate effect. Gregory, who will be responsible for launching the academy and managing its first intake of advisors, has worked in a similar role for UK wealth manager St James's Place (see here).

Ascot Lloyd said that the Adviser Academy, which will be launched early in 2023, is aiming to recruit individuals from a "wide pool" who want a career in financial planning and advice. The Academy's inception coincides with the wealth management sector in the UK and other jurisdictions needing to recruit a new cohort of managers to handle a multi-trillion-pound intergenerational wealth transfer.

Added to this, rising staff costs and talent shortages have caused concern for some time. (See an example here.) 

Applicants will need to complete the CII level 4 Diploma in Financial Planning in order to become a fully-qualified IFA, which will provide them with the foundation for building a successful career in financial planning.  A Chartered Financial Planner himself, Gregory is experienced in growing academies and IFA teams across the UK. He has spent the last five years as area head of academy at wealth management firm, St James’s Place. Gregory has also shown strong leadership by growing similar practices at other national and international firms including Prudential and Towry.

One of the largest IFA firms in the UK, Ascot Lloyd has £10 billion ($11.78 billion) funds under influence as of 31 December 2021. The group provides financial planning, wealth management and corporate benefit solutions through more than 130 IFAs serving more than 22,000 core clients. Ascot Lloyd is supported by Oaktree Capital Management and Ares Management Corporation, two investment management groups.

St James's Place, as mentioned above, has been one of the more prominent developers of such academies. See a two-part interview here and here.