Personal Finance Society President Carla Brown explains why the PFS is investing £1m into a series of major new training initiatives to attract new blood to the profession and tackle the long-term decline in new entrants.

As we celebrate the 20th anniversary of the Personal Finance Society (PFS), it’s only natural to look back on how far our profession has come. But for me, the more urgent priority is looking ahead, because the future of Financial Planning is at a crossroads.

The number of new entrants to our profession is declining. Today, fewer than 6% of financial advisers are under 30.

Female representation remains stubbornly low, with only 18% of advisers being women, despite 23% of Chartered Financial Planners now being female. And while we’ve grown the number of Chartered and Fellow members of the PFS to record levels, the pipeline of early-career professionals is shrinking. That’s just not sustainable.

I see this challenge first-hand in my own practice. Attracting young, diverse talent isn’t easy, but it’s vital. If we fail to act now, we risk sleepwalking into a future where Financial Planning becomes less accessible, less inclusive, and ultimately, less relevant to the clients we serve.

That’s why I’m proud to announce the PFS’s most ambitious initiative to date - a £1 million investment in the future of Financial Planning, through our new programme - our 'Pathway to the Profession.'

This isn’t just a funding pledge. It’s a strategic, values-led commitment to inspire, inform, involve and invest in the next generation. We want to open doors, remove barriers and support those who might never have considered our profession as a path to follow, until now.

At the heart of the initiative is a pledge to fund 500 students to begin their PFS Level 4 Diploma, including one R0 exam and PFS membership completely free of charge. That’s a £235,000 investment in talent, and importantly, potentially 500 lives changed. We want to reach students from all walks of life, whether they’re sixth-formers, career changers or university graduates still exploring their options.

We’re also tackling visibility. We’ll create a dedicated youth zone at our National Conferences, more TED Talk, less trade stand, to give young people a vibrant, authentic insight into financial services. And we’re committing £20,000 to promote internships, a route I know from personal experience can be transformational, particularly for those from less privileged backgrounds.

But this isn’t something we can do alone. That’s why we are thrilled to be working in partnership with exceptional organisations who share our mission:

• Coventry University, where we’re funding scholarships and student support.
• UCAS, helping us raise awareness of financial services apprenticeships and other opportunities.
• UpReach, a social mobility charity guiding students from lower-income families into top graduate careers.
• Everywoman, advancing female representation across financial services.
• The Duke of Edinburgh financial skills programme, helping young people develop real-world life skills through financial education.

Altogether, we’ve allocated just over £500,000 so far. The remaining half of our £1m investment will be shaped by our members. Through an open call for ideas, we’re inviting PFS members to share where and how we should invest the rest - whether that’s in mentoring, tech skills, or school outreach. They can do that through our webpage – here. Decisions will be made later this year, following a full review in October.

The funding itself comes from PFS reserves, ring-fenced specifically to promote and facilitate financial education and professional development. Our board agreed that using these funds to invest in the future of the profession is not only appropriate, it’s essential.

Ultimately, our Pathway to the Profession is more than an initiative. It’s a promise. A promise that we will build a profession that reflects the diverse, dynamic society we serve. A promise that we will equip the next generation with the skills, support and opportunities they need to thrive. And a promise that we will not stand still while the world around us moves forward.

As President, I believe it is our duty, and privilege, to lead this change. I invite every one of you reading this to join us, lend your voice, and help shape the future.

Let’s ensure the next 20 years of Financial Planning are even more inspiring than the last. 

Carla Brown CFP, FPFS, TEP is President and Chair of the Personal Finance Society. She was PFS Chartered Financial Planner of the Year 2021/22 and is CEO and Chartered Financial Planner at Oakmere Wealth Management in Cheshire.

https://www.thepfs.org/