The Personal Finance Society (PFS) is to pump £1m into new training initiatives to encourage new entrants to the Financial Planning profession and tackle a growing shortfall in new blood.

The professional body - which awards the Chartered Financial Planner designation - has identified an initial £500,000 of initiatives, and has asked members to suggest other projects to take its spending to the £1m figure.

Financial Planners can share their thoughts on how the PFS should spend the additional £500,000 via a survey on the professional body’s website.

The PFS said its ‘Pathway to the Profession’ initiative, launched today in a two hour presentation in central London, seeks to forge a ‘fresh direction’ for the profession.

The professional body said the initiative has four key elements:

• Investing in early careers to equip aspiring professionals with the knowledge, skills, and behaviours to launch thriving careers in financial planning;
• Inspiring the next generation, unearthing new talent, helping career returners and creating opportunities for those joining the profession;
• Involving more of its members, encouraging them to become active PFS volunteers and helping them to support aspiring professionals; and
• Informing secondary-school age children of the benefits and opportunities in Financial Planning, because 'delivering practical, engaging financial education will benefit them, wider society and the profession.'

Carla Brown, President of the PFS, said: “This marks a significant and deliberate step, we are demonstrating our ongoing commitment to nurture the next generation of professionals and support the vibrant future of the Financial Planning sector. We know that real impact comes from collaboration and we’re excited to work with our members to shape meaningful initiatives that support them, their teams and their communities.”

One of the first initiatives invested in for the new pathway includes over £200,000 to support 500 new entrants to take their first step towards gaining their Diploma in Regulated Financial Planning. They will also receive free PFS membership.

A further £50,000 has been allocated to the delivery of a new annual symposium to showcase the profession to young people. This will be held alongside the PFS National Conferences over the next two years at least.

The professional body will also provide nearly £200,000 of funding for activities on which it is working with Coventry University, Everywoman, The Duke of Edinburgh’s Award, UCAS, and Upreach, to support education and career development for future professionals. These initiatives include university scholarships, business internships and support to help promote routes to enter or return to the profession.

Funds have also been earmarked to refresh content currently used by PFS member volunteers at the society’s existing outreach events.