Schroders Personal Wealth (SPW), a joint venture of Lloyds and Schroders, has launched its academy to equip candidates with the skills and qualifications required to become personal wealth advisers.

Based in London, the new academy has launched with 20 trainee advisers who will complete an 18-month programme.

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The trainee advisers will sit their exams with the Chartered Insurance Institute (CII).

This will begin with R01 to a full diploma in regulated planning.

After the completion of the programme, SPW will support the candidates in continuing their progress towards chartered financial planner status.

SPW head of adviser development Tom 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.”

Developments at SPW

Lloyds has a 50.1% stake in SPW that was launched last year.

Schroders holds the remaining stake in the business.

In June this year, SPW CEO Peter Hetherington announced his decision to resign after eight months in the role.

Mark Duckworth, formerly the CEO of Openwork, replaced Hetherington.

This May, the firm hired Peter Brunt from Morningstar to serve as its new head of manager research.

Earlier this year, SPW set up 11 regional offices across the UK.

The offices are located in Birmingham, Bristol, Cambridge, Cardiff, Edinburgh, Exeter, Guildford, Manchester, Leeds, London, and Oxford.