Wealth management and Financial Planner consolidator Titan Wealth has launched Titan Wealth Academy, a new intensive programme it says is designed to develop a new generation of Financial Planners.
It said it aims to open up careers in Financial Planning to people from a broader range of backgrounds.
Titan said creating new routes into Financial Planning will broaden access to the profession, create more diversity, and help Financial Planners look more like the people and communities they serve.
The firm said there are significant financial, time and resource pressures associated with obtaining the qualifications required to become a Financial Planner.
It said the new Academy aims to reduce the barriers by fully-funding the required qualifications, removing a significant financial hurdle for those looking to enter the profession, and providing a structured curriculum that combines formal learning with practical, on-the-job experience.
Participants will also be paid while they study, receive weekly revision support, and benefit from a framework of mentoring and practical experience.
The initiative is a six-month structured programme which will provide participants with practical training and professional qualifications.
During the first three months, they will work towards key qualifications, before progressing to advice systems and processes, as well as the people-facing facet of Financial Planning through observing client meetings, attending networking events, building professional connections, and delivering presentations.
The inaugural cohort is made up of eight participants who have no prior experience in providing financial advice – seven of whom have moved into the Academy from existing roles at Titan Wealth, including paraplanning and administration.
Pavitar Padam, head of Titan Wealth’s Academy, said: “Financial Planning has the potential to be an incredibly rewarding career where people can make a genuine difference to the lives of their clients.
“There are still barriers that can make the profession difficult to enter and we want to change that. Talent and ambition exist everywhere, and the industry should do more to create routes for people from different socioeconomic backgrounds and with different life experiences to build successful careers in financial planning.
“By investing in people who have the aptitude, determination and desire to help others, we can broaden access to the profession while developing excellent planners for the future.”
Participants are expected to sit R06 and begin advising clients in April, with further support available for progression towards Chartered status.
The first cohort will provide the foundation for Titan Wealth to develop the Academy further, with the ambition of opening future intakes to more external candidates and people changing careers, the firm said.