How do we get Younger Planners into the Profession?

As I write this, I am starting to feel slightly optimistic about the future of the Financial Planning Community.  Rohan and I have been pleasantly surprised by the early numbers of Nextgen Planners

We already have 60 members in the Facebook group, many of whom are actively contributing and passing on best practice to fellow and aspiring planners.  I have recorded 4 podcasts and we are due to launch on the 20th May with a small gathering in London.  We have been contacted by various parties expressing their interest and support for the next generation of advisers.

What has blown me away, is how open and helpful leading financial planners have been.

I have spoken to a few over the past few weeks and not one has been protective about their success and advice.  They all recognise that we must work together to really make financial planning a profession to be proud of.  I often joke with Rohan that we want to make it “trendy to have a financial planner”. I am not sure how realistic that is, but its nice to have big goals.

My big question at this point, is how can we make people want to be a financial planner? Despite the optimism I have, I am still worried that there aren’t enough financial planners coming though, particularly when the statistics tell us that many will retire in the next 5-10 years. How do we get to the public and show that this is a career that means business?

Over to you guys!


8 thoughts on “How do we get Younger Planners into the Profession?

  • Just concentrate on doing your job well and becoming successful in ways recognised by the public at large which whether we like it or not involve material as opposed to academic success. You will have no problem finding people who want to emulate your success who are eager to find out how you have managed to be so successful.
    It used to be known as showing not telling and maybe still is for some.

    • With respect Phil, our generation clearly hasn’t done a very good job at ‘showing’, given the fact there are so few young people coming into the industry.

      We need to be far more proactive. Salaried positions not self employed; training personal skills not just technical; going into schools and colleges promoting our profession (do the CISI and PFS do this?); sharing good practice, as Adam and Rohan are promoting, not just criticising; apprenticeships.

      I suspect there are a lot of young people who would like the idea of a job which involves helping other people and pays a decent income.

  • Thanks for bringing this to my attention Adam. As of this week, we have a young aspiring financial planner working with us. I’ll share this with him, as i’m sure he’d be interested in finding out more about Nextgen Planners.

    • It’s great you’re giving someone an opportunity to start in the profession 🙂

  • The awareness of a career path in financial advice is not promoted in universities anywhere near as much as accountancy and corporate finance. The bigger companies should attend careers fairs and recruit graduates, this would lead to a better image of the financial services sector. The reason I am in the industry is more by chance than careful planning. Giving financial advice is rewarding and a great opportunity to one day have your own business.

  • Chris, Do you know any young people ?

    Our industry has become so self obsessed it has lost touch with the real world in which young people not only cannot find work but as ever have no interest or concept of planning their finances beyond their next night out – thank goodness !.

    I have four very bright grandchildren aged between 15 and 30 and the current obsession with putting a somewhat Dickensian image onto our work would do nothing but repel them from it as a career..

    Young people live in a ” now ” world and find the concept of actually being old let alone ” retired ” quite beyond their imagination – thank goodness !!!!

    Can you actually see someone with an ” educational debt ” being acceptable as a ” LIfe Coach ” to someone who has managed to get through most of life’s trials and tribulations ?

    The world in which our young people earn a living will bear no relationship to the stuff currently being promoted by our industry and it would be astonishing if any of them with anything between their ears found anything at all appealing about a career in todays financial advice industry.

    • In answer to the first question, Phil, yes, I do know a number of young people, such as our marketing apprentice and our trainee adviser. They have huge enthusiasm for our industry and our firm’s approach, and their energy is a great inspiration to me.

  • Chris just a further comment.

    Is it not time to reflect on and rethink the way the advice industry has developed since commission was withdrawn ?

    Most of the population have been demonised as being economically unsuited to advice and new entrants to the industry have virtually dried up .

    However hard we try to justify the situation it is clear that if we continue on the current path what we call advice will simply wither on the vine.

    We cannot go on ignoring the fact that we have failed miserably to define and demonstrate a value in what we do that people are prepared to pay for and have even more miserably failed to make our industry into an attractive career for young people – graduates or not !

    There is an huge demand for financial advice or guidance but very clearly not priced or delivered in the current fashion.


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