Schroders Personal Wealth has launched an adviser academy with the first 20 trainees starting this week.

The adviser academy is an 18-month programme during which trainees sit their exams with the Chartered Insurance Institute through to a full Diploma in Financial Planning.

After the initial 18 months, the advisers will be supported by Schroders Personal Wealth to continue towards Chartered Financial Planner status.

The academy is based in London next year but there are plans to launch it in different locations and increase trainee numbers in 2021.

Schroders Personal Wealth poached its academy head, Tom Horan, from St James’s Place last year where he was responsible for expanding the St James’s Place adviser training academy across the UK.

In February, Schroders Personal Wealth said it is aiming to become a top 3 Financial Planning business by 2023. Schroders owns 49.9% of Schroders Personal Wealth with the remaining 50.1% owned by Lloyds Banking Group. 

Mr Horan said: “Given the current economic climate the need for high quality financial advice has never been more important. The launch of the academy not only plays a big part in growing our business it also helps to address a national need to repopulate the wealth advice sector.

“We want to become one of the UK’s leading financial planning businesses and that means continuing to provide excellent service to our clients and ensuring that we have advisers of the highest calibre to do this.

“We are committed to training the next generation of advisers and want to support those who are changing careers and entering Financial Planning.

“We will be looking to increase the number of intakes into the academy next year and launching this in different locations throughout the UK to continue our commitment in this space.”