A Financial Adviser works to build up a long-term client base to which they will provide advice on how to manage their money. This could be in specialist areas such as pension schemes, mortgage offerings, or investment advice. This apprenticeship standard can either be pursued following the financial service administrator, mortgage adviser, or paraplanner apprenticeships, or, for the right candidate, can be pursued as an entry level role where no previous experience is necessary.
It is a Financial Conduct Authority (FCA) requirement that in order to have a licence to practice, a financial adviser must pass an FCA-approved Level 4 qualification as described below. By achieving one of these qualifications during the apprenticeship, professional registration can be achieved by application to the relevant Professional Body, with the recognised status indicated:
- Financial services market – The structure of the Financial Services market including: Product Providers’ Services, Support Services and Platforms. The role of the Financial Adviser and associated supporting roles (e.g. the role of the Paraplanner). Different customer propositions including independent, restricted and non-advice models.
- Regulatory and compliance – The Financial Services regulatory framework, and the ethics and key principles of the advice process. The requirements and practical implications of the Statements of Principles for approved persons (APER) and the Fit and Proper Test for Approved Persons (FIT).
- Products & cash flow modelling – Financial products & financial planning tools (e.g. Cash flow modelling). How to analyse which features and benefits of the relevant financial products are appropriate to the clients’ specific needs and objectives.
- Systems and controls – All systems and controls required to deliver the key objectives for the client, and firm. How these fit within the wider company and the financial advice profession and how they protect the client and the company.
- Understanding clients’ needs & objectives – The significance and importance of Knowing Your Client (KYC). How to prioritise a client’s needs and objectives. How to assess a client’s Attitude to Investment Risk and Capacity for Loss in relation to their needs and objectives.
Chartered Insurance Institute Units:
R01: Financial Services, Regulation and Ethics
R02: Investment Principles and Risk
R03: Personal Taxation
R04: Pensions and Retirement Planning
R05: Financial Protection
R06: Financial Planning Practice
All our apprenticeships are delivered through blended learning techniques. This means there will be a mixture of self-studying, theory delivered by your tutor either online or in person, a series of one-off webinars followed up with seminars delivered by our carefully selected ‘sector experts’. Our e-portfolio software allows you to access your work and view your progress at any time, from any device.