Small advice firms will get £1,000 from the PFS to enrol employees aged under 19 into a new scheme to develop them into fully qualified advisers.

The Personal Finance Society has launched Aspire - an 18 month structured training programme - comprising a combination of apprenticeship funding and PFS sponsorship.

An employer contribution of £900 will be required for staff aged 19 or older, but for firms with less than 50 employees where the starting age is less than 19, no contribution is required.

There is a £1,000 incentive available for any size business enrolling an existing or new employee aged less than 19 into the programme. Apprenticeship levy paying employers will not be required to make any contribution as they will draw down from their funds in their digital account.

All six diploma exams (R01 - R06) are included in the programme, as well as all support material including textbooks and remote learning support. Regional exam revision sessions will be made available to all participants, as well as soft skills workshops delivered by an accredited trainer.

Aspire’s launch follows the development of the new Financial Adviser Apprenticeship Standard, which was sponsored by the Personal Finance Society and approved by the Department for Education in November.

Personal Finance Society chief executive Keith Richards said: “As the leading professional body for the personal finance sector, we are committed to driving new initiatives that address the very real and ongoing risk of future skills shortages and evident need for succession planning.

“We know there is an appetite from within the profession to employ apprentices, graduates and second career candidates seeking an opportunity to develop a career in professional financial advice, and Aspire removes many of the barriers facing employers that seek to develop this talent.”

Aspire is available to any employed member of staff who works a minimum 30 hours per week, with additional assistance available for firms seeking to employ new recruits into the programme. The programme is currently available for employees based in England, while policy clarification is sought for apprenticeship funding in the devolved regions.

The PFS is seeking indicative interest from employers.

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