The Personal Finance Society has expanded and extended its Pathway to the Profession new talent initiative into a second year with details of the next phase of its £1 million investment in finding and training the next generation of Financial Planners.
The Pathway campaign has spurred hundreds of new people interested in Financial Planning careers to sign up for free PFS membership, sponsorships and training support.
The campaign is designed to encourage new talent to join the profession at a time when recruitment of new Financial Planners and Paraplanners has been challenging.
The professional body, which awards the Chartered Financial Planner designation, announced details of the continuation of the campaign last night at a one-year anniversary event held at parent body the Chartered Insurance Institute in the City of London.
The event was attended by PFS board members, partners, media, programme participants, and Financial Planning professionals.
Pathway to the Profession was launched last year with the aim of attracting 500 new joiners, both students and second career individuals. More than 1,000 people have so far applied and more than 150 have already taken Financial Planning exams with many lining up jobs with Financial Planning firms.
The second phase of investment will support four initiatives:
• A PFS summer school that aims to build on the Progeny Summer School programme
• Social media activity, including investment in the Pennies to Pounds financial literacy platform to explain to many more people how Financial Planning works
• National UCAS Discovery Events for students to reach thousands of young people
• A dedicated, large scaleTalent Hub at the PFS Festival of Financial Planning in the autumn expected to see hundreds of aspiring professionals attend
PFS board members Carla Brown, Kate Gannon and Eddie Grant led the announcements and Q&A, alongside Laura Bailey, head of career and talent, Nick Onslow, Chartered Financial Planner at Progeny and Kia Commodore, founder of the Pennies to Pounds financial literacy platform.
Pathway to the Profession participants also shared their experiences of how the funding and opportunity had opened doors to their Financial Planning careers and education.
The summer schools will take place in multiple locations next year with the aim of giving young people "practical exposure" to Financial Planning.
PFS President Carla Brown said: “One year ago, as the Personal Finance Society marked its 20th anniversary, we made a very clear commitment. We said we would open doors. We said we would remove barriers. We said we would invest in tomorrow’s talent. And we backed that with the largest investment we have ever made into the future of Financial Planning: a £1 million commitment to attract, support and develop the next generation.
"That was not simply a funding announcement. It was a statement of intent. It said that if we believe Financial Planning is a profession with a vital role to play across society, then we also have a responsibility to make sure that the profession is visible across society, and that it is accessible and welcoming to talented people from every background.
"That was the ambition behind our Pathway to the Profession. And one year on, I think we can say with real confidence that this programme is delivering.”
Laura Bailey, PFS head of career and talent, said: “The first year of Pathway to the Profession has shown what’s possible when Financial Planning is more visible, accessible and connected with the people we’re trying to reach.
"You can’t aspire to a career you don’t know exists - therefore we will continue to work with employers, education partners and the wider profession to create more opportunities for people to discover a rewarding career in financial planning and build the talent pipeline the profession needs for the future.”
The Personal Finance Society has 40,000 members.