Retirement might seem a long way off, but most of us like to have some idea of how much money to put away for later life – and how to maximise the return on our savings.
Decisions around personal finances can prove costly if we get them wrong, though, which is why it’s prudent to turn to a qualified financial adviser on matters such as pensions, mortgages, investments, life insurance and income protection.
By asking pertinent questions, practitioners in wealth management can help us find the right financial solutions to meet our current and future needs.
Taking an apprenticeship in financial planning – changes to the occupational standard
For those looking to get into financial planning in an adviser or planner role, there is now a new apprentice training route.
The former level 4 Financial Adviser apprenticeship was retired in June 2025 and has been replaced by the Paraplanner and Financial Planner occupational standard. Updated in July 2025, the new level 4 apprenticeship takes two years to gateway to complete and has a typical EPA period of five months. It attracts maximum government funding of £13,000, with training delivered in the employer’s workplace by one of four training providers specialising in business and finance.
Financial planners v Paraplanners
Financial planners are responsible for client relationships. They use their skill, knowledge and expertise to understand the client’s individual circumstances, needs and wants so they can provide them with regulated financial advice.
Paraplanners support financial planners in their role by using their technical knowledge and expertise to interpret client’s requirements and objectives. Using various tools and software applications, they research the market, examining potential options for the financial planner/adviser to then present to their client.
Both roles call for a great degree of honesty and integrity as well as high levels of accuracy in accordance with strict FCA (Financial Conduct Authority) regulations.
This apprenticeship typically leads to roles as a financial adviser, IFA (independent financial adviser) paraplanner, financial planner, wealth manager and wealth planner.
Knowledge
An apprentice taking this course will be expected to have a comprehensive knowledge of the financial services sector, including how the financial services market is structured; the ethics and key principles of providing advice to clients; the significance and importance of knowing your client and how to analyse performance data and metrics effectively using qualitative and quantitative methods.
Paraplanners, more specifically, will need to know how to:
- create personalised client-facing documents tailored appropriately to the audience and in line with regulatory and firm standards
- review and validate the methodology and conclusions drawn from research and analysis
- Those apprentices aiming to become financial planners will among other things, be required to know about:
- strategies used to establish a client’s views on responsible and sustainable investing, and the impact this may have on available solutions and outcomes
- methods for training, competence, and continued professional development (CPD) activities for becoming and remaining a regulated adviser.
Skills
Apprentice paraplanners and financial planners will learn skills on how to use software packages and digital tools to deliver financial advice or paraplanning services in line with cyber and data security requirements; provide services to clients in line with the business proposition, adhering to Consumer Duty and treating customers fairly principles and use feedback to reflect on own practice and identify opportunities for continuous professional development.
Professional recognition
In terms of professional recognition, the new programme aligns with the Chartered Insurance Institute for Level 4, the Chartered Institute for Securities and Investment for Level 4 and Wallbrook Institute London (formerly The London Institute of Banking & Finance) for Level 4.
How Onefile can help
As the required KSBs clearly indicate, apprenticeship training for a career in financial advice and planning is pretty intense.
Apprentices need to be highly focused with a good eye for detail and a broad understanding of how such a highly regulated sector works. Financial advisers also need great people skills and the ability to explain quite complex financial matters in a way that’s easy to grasp.
That’s a lot to take on but Onefile can help. Our user-friendly learner management software takes the strain out of studying, with our Eportfolio keeping all the apprentice’s learning conveniently in one place.
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