The New Talent Alliance – an industry-led initiative aimed at improving access to careers in financial planning and ensuring that entry-level talent is supported with the right infrastructure and training – has launched a revised Level 4 Apprenticeship Standard in Financial Planning and Paraplanning.

Tom Hegarty, chair of the New Talent Alliance and the Apprenticeship Trailblazer Group, has confirmed the release of a newly-revised Level 4 Apprenticeship Standard in Financial Planning and Paraplanning, going live this week.

It replaces the separate Financial Advisor and Paraplanner apprenticeships in England and reflects a modernised, integrated approach to developing the next generation of financial services professionals, the firm said in a statement. It also highlights the work being undertaken to drive talent development in the UK wealth management and wider financial services space.

Introducing a new core and options structure, the revised standard acknowledges that while financial planners and paraplanners share a substantial cross-section of competencies, there are critical differences between the two roles. This ensures that all apprentices build a strong foundation of core knowledge, skills, and behaviours, before progressing through occupation-specific modules, tailored to either financial planning or paraplanning. The structure was developed through consultation with employers, training providers, professional bodies and regulators.

“This new Level 4 standard for the financial advice sector represents a milestone for the financial advice profession, by modernising the route into financial planning and paraplanning,” Hegarty (pictured) said.

“In combining the standards, we’ve created a streamlined, high-quality pathway that reflects the real needs of the profession, while maintaining a consistency of high expectations around technical competency and ethical practice. An effective apprenticeship route is a critical part of the broader effort to attract, develop, and retain talent within the financial services sector, while continuing to raise professional standards.”

Key features of the revised standard include an increased funding band. The new standard is set at £13,000 ($17, 689), up from the previous £9,000 band for each of the old standards, reflecting the expanded and updated content.

It also updates all knowledge, skills and behaviours (KSBs). They have been reviewed and modernised in collaboration with industry stakeholders.

Apprentices will also now complete a Level 4 Diploma through one of three approved professional bodies:

-- Chartered Insurance Institute (CII) – Diploma in Regulated Financial Planning (DipPFS)

-- London Institute of Banking & Finance (LIBF) – Diploma for Financial Advisers (DipFA)

-- Chartered Institute for Securities & Investment (CISI) – Diploma in Financial Planning

-- Reformed End-Point Assessment (EPA):

Finally, the Regulation and Ethics exam will now be part of the end-point assessment (EPA), rather than being completed mid-way. This aims to encourage higher rates of full apprenticeship completion. The EPA will consist of a professional discussion supported by a portfolio of evidence and a case study with question-and-answer session. The EPA is identical for both the Financial Planner and Paraplanner options to ensure fairness, transparency and consistency.