The Consumer Duty Alliance (CDA) has announced the launch of an initiative designed to attract new talent into the financial services profession.

The New Talent Alliance (NTA) will bring together many of the sector’s leading academies, training organisations, recruiters and qualification bodies.

The NTA’s mission is to share good practice and augment established routes and initiatives already available to progress a career in personal finance.

The Alliance aims to create a united approach and develop joined-up strategies to better position and promote the profession as a career of choice.

It will be chaired by Tom Hegarty, MD of M&G Wealth Advice, while the London Institute of Banking and Finance (LIBF) will act as Secretariat for the steering group.

The steering group is made up of key stakeholders from CII, CISI, LIBF, M&G Wealth, SJP, Quilter, NextGen Planners, Verve Group, Bespoke Training Solutions, Brand Financial Training and Anthony George Recruitment.

Other key stakeholders will be encouraged to join the Alliance through working groups, ensuring diversity and inclusivity.

CEO of the CDA, Keith Richards, said: “With positive government and regulatory focus brought to bear on addressing the advice gap, the latest FCA adviser statistics suggest that we may instead be heading for an advice crunch.

“The solution to attract new talent ultimately sits within the gift of the whole sector, which is why we believe there is a need to come together and collectively promote the profession as a career of choice.

“With an ageing adviser population, coupled with consolidation and succession strategies over the past two years, the NTA believes that collaboration will benefit everyone.

“NTA further highlights that while big firms have dedicated academies, small advice firms make up over 80% of the regulated advice sector. Even if they are not planning on recruiting new talent, the Alliance believes they can still play a key role in the promotion of the profession and signpost new talent to other firms or academies.”

Chair of the NTA, Tom Hegarty, said: “We intend to create guides and ‘good practice’ sharing to support firms of all sizes, as well as signpost to additional support and initiatives across the Alliance.

“We believe that together we can make positive progress without impacting the importance of diversity, choice and competition.

“Our overriding purpose is clear – to help firms attract, train and retain the brightest talent, thereby driving growth, innovation and opportunity across the sector.”

At the core of the NTA’s objectives is the commitment to engage with key stakeholders, including regulators and government departments, to influence the development of new talent and address the advice gap.

By coordinating input from firms across the financial planning distribution chain, the NTA aims to identify opportunities for delivering better outcomes and providing essential guidance to smaller firms who may not have experience or resources to recruit and train new talent.

“We believe in the power of collaboration and shared best practices,” added John Somerville, NTA secretary and director of financial services at LIBF.

“The significance of strategic alliances in driving sector-wide progress is vital,” Somerville continued.

“And the NTA’s alignment with the CDA’s objectives represents a significant step forward for the financial services sector. By bringing together key stakeholders and making resources more accessible, we can create new pathways for talent development and ensure continued access to essential professional advice.”

To achieve its objectives, the NTA will conduct extensive research to identify firms seeking to attract new talent and provide guidance and support to aid in their recruitment strategies.

Additionally, the NTA will disseminate information and guidance relating to good practices and act as a strategic alliance, uniting key stakeholders to support the development of regulated advisers in the UK.

The New Talent Alliance is inviting all stakeholders, from cross-sector leaders and firms to practicing professionals, to join together in shaping the future of talent development in the financial services sector.