How to Develop a Workforce Training Plan in Financial Services

A 6-Step Guide for HR & Learning and Development Leaders

In today’s financial services landscape, the ground is shifting fast. AI is accelerating change across every function, regulatory updates are constant, and both your workforce and your clients are undergoing generational transformation. The result? Business as usual is no longer a viable strategy for long-term success.

What’s needed now is a more strategic, agile approach to learning and development—one that meets today’s business demands, while moving the business forward. That’s where workforce development comes in.

More than just skills training, a workforce development plan builds a talent pipeline that’s both future-ready and resilient. It combines corporate education programs, structured credentialing, hands-on learning, and data-backed planning to elevate both employee performance and business outcomes.

This guide breaks down how to design a corporate training program tailored to the financial services sector. Whether your goal is to upskill for AI, increase assets under management (AUM), better serve next-gen clients, or all three, this roadmap will help you launch a program that’s built to last.

Step One: Align Workforce Goals with Business Strategy

Every effective workforce development plan starts with the same question: Where is the business going—and what skills will employees need to get there?

This step is all about grounding your learning strategy in a business context. Start by reviewing your firm’s growth roadmap. Is expansion on the horizon? Are you exploring new lines of business or technologies like AI and machine learning? These shifts should directly inform the focus of your employee education programs.

Next, conduct a skills gap analysis mapping your current capabilities against future needs. For example, with client interactions increasingly digital, advisors may need support in areas like AI fluency, behavioral finance, or digital compliance rules. Certifications such as the Chartered Financial Analyst (CFA), Certified Financial Planner (CFPⓇ), or Chartered Alternative Investment Advisor (CAIAⓇ)  may also factor in.

As you prioritize upskilling and reskilling needs, tie every learning outcome back to a business metric. 

• AUM growth
• Client retention
• Regulatory outcomes

When corporate training programs support actual strategic goals, they’re easier to fund—and easier to scale.

Finally, don’t go it alone. Talk with key stakeholders, including team managers, to gather vital input. Their support will be critical in obtaining leadership buy-in.

Step Two: Build Career Paths That Drive Retention and Results

Employees want to know that the work they’re doing today is building toward something bigger tomorrow. That’s why a cornerstone of effective workforce development is the creation of clear, credential-aligned career paths.

Think of these as blueprints for internal growth. They help employees see how their current role connects to advancement—and what corporate education solutions can help them get there. For example, an early-career advisor might pursue a CFA, while a senior team member might explore a CFP or a behavioral finance designation.

When you design career pathways, consider both technical and interpersonal competencies. Technical credentials are essential, but so are future-ready skills like adaptability, critical thinking, and client communication—especially in an environment shaped by digital transformation.

Keep in mind: These paths aren’t one-size-fits-all. Employees across departments, tenures, and roles will need tailored options. And they shouldn’t be static. Revisit them regularly to reflect changes in the industry and in your firm’s strategic direction.

As you know, career development is an employee retention strategy. But it's more than just staying. When employees feel they’re being invested in, they’re more likely to grow and lead.

Step Three: Implement Real-World Readiness Initiatives

Learning doesn’t stick unless it’s lived. That’s why the best corporate training programs immerse employees in real-world applications. Such initiatives build confidence, accelerate understanding, and bridge the all-too-common gap between learning and doing.

Simulations and case studies are a great place to start. These tools give employees space to experiment and apply concepts in a risk-free environment. Whether you're training on ethics or a new portfolio platform, scenario-based learning encourages critical thinking and real-time decision-making. Developing these “soft skills” is critical; they build agility and adaptability.

Coaching and mentoring programs are another proven tactic for improving retention and readiness. High-performing firms often pair new hires or career changers with seasoned professionals. These relationships foster knowledge transfer, build internal networks, and reinforce a learning culture across generations.

Finally, in today’s fast-paced, distraction-filled world, modular learning, including micro-certifications, offers significant advantages by growing employee knowledge with short-term achievements, which can contribute to sustained motivation. Meanwhile, the staggered delivery of courses gives individuals time to apply learned concepts directly in their work, increasing the retention and impact of micro-learning initiatives.

Step Four: Choose the Best Partners and Platforms

Even the most well-crafted training program will falter if the infrastructure can’t support it. That’s why choosing the right platform and partner is critical when designing your corporate training program. 

Start by looking for external partners who can offer end-to-end business education programs. Narrow providers to those who understand your industry, make customization easy, and offer more than just content delivery—think educational insight, certification alignment, and timely data analysis.

Then, turn your attention to platforms themselves. The best corporate education solutions support multiple learning modalities, allowing for self-paced study, instructor-led sessions, and mobile-first experiences. Also look for partners who offer real-time dashboards so you can measure and report on progress, performance, as well as track ROI.

Considerations for your vendor checklist:

• Do they offer industry-specific content?
• How widely can I customize the solution?
• How do they support employee engagement and completion?

The best-fit partner prioritizes flexibility, customization, and certification prep—ensuring your employees gain not just knowledge, but credentials they can apply to grow the business and themselves.

Step Five: Communicate and Launch Your Programs

You’ve identified skills gaps and career paths. You’ve chosen the platform. Now, you need your people to use them. No easy task.

Internal communication is your launchpad. Successful L&D rollouts begin with clear, engaging messaging. Be sure to include language that links program participation with career advancement. When employees see that completing a training track or earning a certification unlocks new roles, higher pay, and greater influence, participation and completion rates rise.

Then develop a launch campaign that communicates:

• What’s coming—or changing—and why.
• How the program supports employees’ futures.
• What’s expected and what support is available.

Be sure to take advantage of all available internal channels to showcase the program and build enthusiasm: town halls, team meetings, intranet posts, digital signage, etc.

Step Six: Monitor, Evaluate, and Iterate

Corporate training is not a set-it-and-forget-it proposition. To succeed, your workforce development programs must evolve as your industry and business do. You can best ensure this adaptation of employee training and development programs by:

• Tracking participation and completion rates.
• Gathering workforce feedback via surveys or pulse checks.
• Identifying patterns of success or attrition.

Now, analyze the findings. You might ask yourself: Do these results correlate with business outcomes? Are certified employees retaining more clients? Are team leaders who completed training seeing better productivity scores?

Your measurement model should align with the KPIs you established in Step One, while also leaving room for discovery. Sometimes, programs yield benefits you didn’t expect—like improved collaboration across departments or greater employee satisfaction.

Most importantly, build a culture of iteration. Collaborate with your internal stakeholders and your education partner to update training content regularly. You want to guide and implement programs that  shift with business strategy—especially as the industry navigates AI, personalization, and changing investor behaviors.

Leaders who continually refine their employee education programs not only stay competitive—they stay ahead.

How to Overcome Five Common Training “Challengers”

Every HR and L&D department hits friction when proposing, developing, and rolling out a workforce development plan. Success lies in early identification and planning for the challengers. Early identification and preparation are key to overcoming five common “challengers” and turning skeptics into supporters.

Challenger 1: The Resister

Some employees—and their managers—see new learning programs as disruptive to their day-to-day work and team goals. Break through by bringing them into the process early. Share the purpose behind the initiative, not just the tactics. Combine data with real stories to show how corporate training grows both the individual and the business. When people understand the “why,” they are far more likely to buy into the “what.” 

Challenger 2: The Unengaged Employee

Relevance is what sparks engagement. Design training content that connects directly to an employee’s role and career goals, and offer it in formats they actually use, like video, interactive modules, or team workshops. You could even consider creating digital badges or gamified elements to transform training from a requirement into an achievement.

Challenger 3: The One-and-Done Thinker

Who hasn’t heard: “Another training? I just did one!” To combat this, emphasize that a single training session rarely delivers lasting change. Recognize and celebrate progress publicly, weave learning achievements into performance reviews, and show how continuing education impacts career advancement. Over time, repetitive messages such as these help develop cultures of continuous learning.

Challenger 4: The Time-Strapped Manager

When deadlines press, training often gets sidelined. The solution? Build learning into the natural flow of work. We call this connection point between learning and doing “middleware.” Using modular lessons and clear explanations of how training boosts productivity can make all the difference. Once managers see that learning can save time, not just drain it, adoption rises.

Challenger 5: The Budget Gatekeeper

Finance leaders may hesitate to approve spending without a clear return. Position education programs as investments in future growth rather than as line-item costs. Highlight how they reduce turnover, cut hiring expenses, and give the business a competitive edge through stronger skills. Benchmark data and case studies can reinforce the message. Most importantly, emphasize that the real risk lies not in investing—but in standing still.

Every HR leader will encounter skeptics, resisters, and competing priorities. What sets successful programs apart is the ability to anticipate these barriers and prepare strategies to overcome them. When obstacles are reframed as opportunities—to engage, personalize, measure, reinforce, streamline, and justify—training becomes not just a program but a lever for cultural change.

Conclusion

A workforce development plan is no longer a side project or HR initiative. It’s a growth strategy.

In a sector as complex and fast-moving as financial services, investing in corporate education programs is one of the smartest moves a firm can make. When done well, it fuels innovation, boosts performance, retains talent, and enhances client trust.

From conducting a skills gap analysis to designing targeted career paths, from rolling out simulations to tracking ROI—every step of this guide is designed to help HR and L&D leaders take action (see “How to Develop a Workforce Training Plan Checklist”) below. A dynamic, strategic workforce development plan is not just a response to disruption—it’s your competitive edge.

Whether you’re just beginning or you’re revamping, don’t delay: The future of financial services belongs to those who are ready—for anything.

How to Develop a Workforce Training Plan Example

Step One: Assess Current State and Future Needs

• Identify the business goals your workforce development strategy will support
• Conduct a skills gap analysis
• Calculate the ROI of your strategy (increased retention, greater AUM growth, etc.)
• Develop strong KPIs to ensure that leadership can readily review progress
• Present a clear vision of how your plan will support firm-wide goals

Step Two: Develop Custom Career Development Paths

• Map skills and certifications to career growth
• Align development tracks with business goals
• Prioritize future-ready skills like AI, analytics, and soft skills
• Encourage a growth mindset and continuous learning
• Revisit and revise paths as industry and business evolve

Step Three: Implement Real-World Readiness Initiatives

• Introduce simulations and case-based learning
• Launch coaching and mentoring programs
• Add micro-learning modules for agility and engagement
• Emphasize soft skill development and problem-solving

Step Four: Choose the Best Partners and Platforms

• Evaluate vendors for industry alignment and customization
• Ensure platform compatibility with existing systems
• Support multi-modal, inclusive learning formats
• Select vendors that offer ongoing updates and guidance

Step Five: Communicate and Launch Your Programs

• Create internal campaigns and toolkits
• Highlight advancement and career mobility
• Launch learning ambassadors and champions
• Make participation aspirational—not mandatory

Step Six: Monitor, Evaluate, and Iterate

• Track engagement and outcomes
• Measure impact across key KPIs
• Gather qualitative feedback
• Iterate based on changes in strategy and workforce needs

Don’t Wait to Build What’s Next

Leading HR and L&D professionals recognize the power of credentials as a guiding light. They illuminate the path forward for your teams, providing clarity and direction. A credential is more than just a resume entry—it signifies a growing workforce, forward-thinking employee development, and an organization evolving to lead rather than follow.

Explore how Kaplan's extensive range of financial education and professional development solutions can empower your workforce and foster growth. Contact us to discover more.