A Guide to Financial Advisor Development Programs

Embarking on a career as a financial advisor requires the proper education and certification to help ensure you’re qualified to offer advice to clients. Many firms offer development programs that are designed to prepare you for your entry into the financial services industry. Joining a financial advisor development program could help you build a solid foundation for success, but it’s important to understand what’s involved.

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What Is a Financial Advisor Development Program?

Financial advisor development programs are specialized training programs designed to equip those entering the advisory field with the skills, expertise and knowledge they need to launch their careers. These programs may also be referred to as associate programs or training programs, depending on the terminology an advisory firm uses.

The primary goal of development programs for financial advisors is to provide those who may be new to the field with the tools they’ll need to succeed. Participants can include freshly minted college graduates, experienced professionals who may be transitioning to financial services from another career field and individuals who are returning to the workforce after an extended break.

Here are examples of some popular financial advisor development programs:

Bank of America Advisor Development Program: Bank of America’s financial advisor development program offers a base salary and unlimited earning potential, with direct access to high-quality leads. Coaching and mentoring are focal points of the program, and enrollees have opportunities to earn their securities licenses.
UBS Financial Advisor Development Program: UBS offers multiple advisor development programs that include training in both technical and professional skills. Enrollees earn both their Series 7 and Series 66 licenses as they complete their programs; all training is completed in-office and there is no requirement to bring in clients.
Northwestern Mutual Financial Advisor Internship Program: Northwestern’s internship program provides an engaging, hands-on experience to prepare those interested in a financial planning career transition to a full-time role. This is a paid internship for new advisors, with a performance-based compensation structure.
Schwab Financial Consultant Academy: The Academy is a 15-month program that enables advisors to work in a Schwab branch or corporate location. Enrollees gain valuable experience handling inbound and outbound client calls, receive training, attain industry licenses, and benefit from mentoring and coaching.
LPL Financial Advisor Institute: LPL Financial offers training programs to advisors who are joining existing firms. Advisors can choose from a comprehensive 12-month program or shorter-term programs that emphasize a particular goal, such as polishing sales skills or earning a CFP® designation.
Morgan Stanley Financial Advisor Associate Program: Morgan Stanley’s advisor development program is an intensive 36-month program that’s designed to prepare trainees for the start of their professional journey. This program is specifically tailored to advisors who are seeking roles with Morgan Stanley in order to serve the firm’s base of high-net-worth clients.
Ameriprise Financial Training & Development: Ameriprise also offers a comprehensive advisor development program lasting 36 months that features live and virtual classroom experiences, online self-study modules, in-person training sessions, and educational workshops. This program supports advisors who are seeking a CFP® credential or Chartered Retirement Planning Counselor designation, though neither is required to enroll.
JP Morgan Chase Financial Advisor Development Program: JP Morgan Chase’s advisor development program offers an opportunity to work with clients in a service-oriented role. This two-year accelerated program allows you to hone your skills as you move through a succession of roles while obtaining the FINRA licenses necessary to act as a financial advisor.

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How Do Financial Advisor Development Programs Work?

The exact structure of development programs for advisors can vary from one firm to the next. For example, some programs require less than one year to complete while others extend training up to 36 months. Firms may employ a rotation method, with training segmented to focus on different areas.

During this time, you’ll be paid for your work which distinguishes this type of training program from an unpaid internship. In addition to base pay and compensation, your firm may pay for study programs to help you prepare for necessary exams, as well as the exam fees. For instance, you may be reimbursed for any and all costs associated with obtaining a CFP® certification.

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Who Is Eligible for a Financial Advisor Development Program?

A man researching the requirements for a financial advisor development program.

Firms can establish their own requirements for entry into a development program. Most firms look for a minimum level of education and work experience, along with a mix of hard and soft skills. Programs may also seek candidates who align with the firm’s mission and goals.

Competition for these programs can be stiff, as there may be a limited number of spots available. Advisory firms may recruit new candidates to their programs year-round or accept applications only during certain times of the year. You may need multiple letters of recommendation from professionals in your network to be considered.

Benefits of Joining a Development Program for Financial Advisors

Financial advisor development programs are intended to provide you with everything you need to start your career off on the right foot. While some learning may take place in a classroom or through online courses, you’ll have plenty of opportunities to gain firsthand experience by working alongside other advisors.

Development programs can help you to build your network, which is important for any advisor. You’ll also receive mentorship and training from senior advisors, benefiting from their years of knowledge and experience. That in itself can be an invaluable benefit.

Completing an advisor development program means that you may not need to rely heavily on cold calling either as you’ll have access to the firm’s existing client base. That can help you to get more comfortable with advisor-client interactions and cultivate your personal approach to offering advice.

Upon completion of a development program, you should be equipped to help clients identify their financial needs and goals and offer advice designed to help them achieve those goals. You’ll also have the licenses necessary to work with clients in an advisory capacity.

How to Apply for a Financial Advisor Development Program

Firms can accept applications online or require them to be submitted by mail. Getting into a development program is often a multi-step process. For instance, it may look something like this:

Step 1: Complete the employment application and submit your resume.
Step 2: Complete one or more online assessments, answering questions about your work experience, education and career goals.
Step 3: Complete a phone screening with the hiring manager or talent acquisition team.
Step 4: Meet for a face-to-face interview, during which time you may be required to submit a detailed business plan.
Step 5: Complete the final evaluation phase, which may require a background check.

You should be prepared for this process, and the training that follows if accepted, to be rigorous. You may need to spend some time weighing the pros against the potential cons, including the time commitment, before applying for a program.

It helps to research different programs before making a final choice. When comparing programs, consider the time frame that’s involved, how the program is structured and how you’ll be compensated in terms of salary and any training expenses the firm covers. Also, review the entry requirements closely to determine whether you meet the guidelines to apply.

Bottom Line

A woman applying for a financial advisor development program.

Joining a financial advisor development program could give you a competitive advantage and set you up for a thriving career. It’s worthwhile to spend some time looking for a program that best aligns with your experience, goals and what you hope to accomplish.

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