Old Mutual Wealth appoints new head of Financial Adviser School in revamp

Darren Smith has today been appointed head of the Financial Adviser School (FAS) as part of a move to set a clearer direction for the not-for-profit organisation which was acquired by Old Mutual in February.

Mr Smith will report to Old Mutual Wealth chief distribution officer Richard Freeman and the company says he will “will help deliver Old Mutual Wealth’s ambition to support the next generation of financial advisers.”

The school supports students to obtain Level 4 Financial Planning qualifications and also has a focus on helping students develop the soft-skills required to build long-term relationships with clients and the business skills to underpin a successful career in the industry. The programme runs over a 9-10 month period and the school can support over 100 students a year.

Mr Smith’s new role follows a 23-year career in financial services. He has worked as a self-employed financial consultant and held sales, compliance and business development roles for a number of different networks. He joined Old Mutual Wealth-owned network Intrinsic in 2013, initially developing the restricted investment proposition before working on a number of projects including the acquisition and transition of Sesame’s Wealth advisers in 2015.

Fees for the course are typically £8,500 and students will study toward the Institute of Financial Services Diploma in Financial Advice (DiPFA), which supports the practical skills required for a career in Financial Planning. Zero interest loans are available to help spread the cost.

The school actively seeks trainees from outside the industry, including graduates and those seeking a career-change in order to support firms with the recruitment of new advisers. It will also support firms to ‘upskill’ existing staff, including mortgage advisers. The school hopes to attract those looking for a second career by exploring opportunities to form relationships with groups such as military charities and sports bodies.

The school will also seek opportunities to act as a training partner to firms offering apprenticeship schemes for Financial Planners.

Mr Smith said: “Trust between advisers and their clients is crucial. The Financial Adviser School therefore has a duty to ensure that future financial advisers are not just fully qualified, but truly focussed on delivering good customer outcomes throughout the advice and ongoing service process. I’m committed to developing a proposition that will bring new advisers into the industry.”

Old Mutual Wealth’s chief distribution officer Richard Freeman adds: “The Financial Adviser School is a big investment from Old Mutual Wealth and a real demonstration of our commitment to supporting high quality, professional face-to-face advice.”