Norwich Union, part of Aviva, announces today its plans to launch The Future Adviser Programme, a pilot initiative designed to encourage high-calibre graduates to enter the financial advice profession.
Norwich Union, part of Aviva, announces today its plans to launch The Future Adviser Programme, a pilot initiative designed to encourage high-calibre graduates to enter the financial advice profession.
Working in partnership with The Institute of Financial Planning, Norwich Union's unique programme will provide students with practical work experience and will prepare and encourage them to secure employment with advisory businesses.
Manchester Metropolitan University Business School will be the first university to take part in The Future Adviser Programme and will work alongside Norwich Union to engage more than four hundred second-year students, across its financial services and accountancy and finance degrees.
Through a high-profile competition, the most promising undergraduates will be awarded a six week internship with Norwich Union to be taken in the summer break before returning for their final year at university, along with a cash prize of £1,000 each. Additionally the six winners and 30 runners-up will be rewarded with a profile on Norwich Union's Adviser Sales Centre extranet.
Norwich Union believes that practical experience is vitally important, therefore two weeks of the internship will be spent at a high-quality firm, hosted by Bankhall, Tenet and The Money Portal. Here they will explore the "soft skills" required and gain an appreciation of the end-to-end financial planning process.
The initiative is intended to complement Norwich Union's Financial Adviser Academy, which was launched in March, and provides a comprehensive programme of support for advisers studying to attain an accredited QCA level four qualification.
The students will be offered access to The Financial Adviser Academy and once qualified will then be able to go onto the internationally recognised Certified Financial Planner programme and obtain a leading professional qualification once they have matched their learning with experience.
Norwich Union aims to fully launch its programme in early 2009 and will release further details in due course.
Angela Seymour-Jackson, intermediary and partnerships director, said: "By taking a leading role in bringing together key market stakeholders, Norwich Union is seeking to address both the supply and demand side of financial advice provision. We want to make it easier for quality firms to attract high-calibre people through raising the profile of the sector and encouraging graduates to pursue a career in financial advice. The Future Adviser Programme aims to prepare graduates to get off to a dynamic and successful start with a quality advisory firm."
Nick Cann, chief executive, Institute of Financial Planning said: "It is fantastic to see such good progress being made with the undergraduate programme at MMU Business School. The IFP is committed to the development of the Financial Planning profession and the engagement of Norwich Union provides some real momentum with the launch of this initiative. The placement with the Financial Planning firm will provide some real structure to the placement and give the student a real insight into the exciting opportunities that exist within financial services."
Huw Morris, dean of Manchester Metropolitan University Business School said: "The Future Advisor Programme is a fantastic and exciting opportunity for a productive collaboration between Norwich Union and MMU Business School. Our students will derive enormous personal benefit from the practical experience which is a significant part of the reward for the winners of this competition. The scheme contributes enormously to developing and sustaining a world class professional base for financial advice in the United Kingdom."
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Press office contacts:
Norwich Union
Louise Soulsby 01904 452617
Institute of Financial Planning
Nick Cann 07970-784654 (Chief Executive)
Notes to editors:
Norwich Union will be working with Bankhall, The Money Portal and Tenet to deliver practical and valuable experience of working with a high quality advisory firm. Their participation is part of a pilot and therefore Norwich Union may seek to extend The Future Adviser Programme to more firms in the future.
About Norwich Union
Norwich Union is the UK's largest insurer. It is a leading provider of life, pensions and investment products and one of the largest financial adviser (FA) providers. FAs provide over 70% of the company's long-term savings business in the UK.
Norwich Union is the UK's largest general insurer with a market share of around 14%, with a focus on insurance for individuals and small businesses.
Norwich Union's news releases and a selection of images are available from Aviva's internet press centre at www.aviva.com/media.
About The Institute of Financial Planning
Comprehensive Financial Planning requires more than good financial products or impressive looking reports. It requires the input of a professional who has mastered the principles of the 4 Es - Education, Examination, Experience and Ethics - cornerstones forming the mandatory requirements of the Certified Financial Planner CM (CFPCM) certification process.
Qualified Financial Planners carry the internationally recognised Certified Financial Planner CM designation that is governed by the Financial Planning Standards Board (FPSB).
The IFP is the UK professional body of those committed to the development of the multidisciplinary profession of Financial Planning. The Institute was formed in 1986 to:
- Promote the profession and practice of Financial Planning
- Increase public awareness of the need for Financial Planning
- Raise standards in the quality of advice being provided to the consumer
- Create a recognised professional qualification for its members
- Ensure ethical standards through its Code of Ethics and Practice Standards
- Encourage education in the theory and practice of Financial Planning
- Share members' knowledge and skills with other professionals for the benefit of their clients
- Establish a Registry of Certified Financial Planner professionals
In the UK, the IFP is the exclusive licensee of the CFPCM mark. It certifies, upholds and monitors the professional standards of Financial Planning practitioners to protect the interests of members of the public, thus ensuring that they receive proper financial advice at all times.
The CFPCM mark represents Financial Planning's highest professional standard.
The IFP serves a membership of 2000 members and 800 CFP professionals through a programme of national events and training courses, and a regional "Branch Network" centred around 20 areas. Membership is drawn from across the financial services community.