SpringGen, the financial advice platform for Millennials and Gen-Zers which is part of Acumen Financial Planning, has celebrated its first year in business.

It is now managing £1million in funds under advice.

It was founded last year at Acumen’s Aberdeen base by Chartered Financial Planner Jenny Madhoo, who developed the concept over 18 months.

She was inspired to set up SpringGen after becoming frustrated with the lack of advice for young people. The business said its average client age is 33.

Millennials and Gen-Z adults are mainly considered to be between 18 and 41.

Jenny Madhoo said: “Now more than ever, with rising inflation and other cost of living challenges, it is crucial that young professionals have access to qualified financial advice at an affordable price. We are passionate about plugging this advice gap.”

SpringGen offers advice on investments, pensions and insurance as part of its Money Management service. The service has been dubbed “a new style of Financial Planning for the next generation” and has initial fees from £375 and ongoing investment fees from 0.75%.

In the past year the business has welcomed its first apprentice, Kieran Knowles, who studied for one-year under the foundation Apprenticeship in Business Skills, equivalent to Higher (SCQF Level 6).

Ms Madhoo – who recently won the NextGen Innovator of the year award – spent 10 years working at traditional financial services companies, before joining Acumen Financial Planning which is based in Westhill, Aberdeenshire.

She said SpringGen is passionate about nurturing and investing in the future generation and was eager to act as a support partner by guiding pupils and developing their skills in the finance industry. 

While the team is based in Aberdeenshire, the target market is the whole of the UK.

She added: “It is fantastic to mark this milestone for SpringGen and lovely to see how far it has come since the launch.”