As IFA Magazine In Focus campaign explores how trainee and early-career advisers can build strong foundations for long-term success, Carla Brown, President of the Personal Finance Society, explains how the Pathway to the Profession programme, is helping to support financial planning careers, and why firms must play their part in developing the skills, confidence and support networks the next generation needs.
Opening up the route into advice
The financial planning profession needs to think differently about how it attracts and supports the next generation of advisers. Demand for trusted advice is growing, yet many talented individuals still do not see financial planning as an obvious career choice. Too often, it is discovered by chance rather than through a clear, visible route in.
That matters for firms building sustainable businesses, and for consumers who need advice that is relevant, accessible, and trustworthy. The future of advice depends on a profession that reflects the society it serves and gives new entrants the knowledge, skills and confidence to deliver good outcomes.
The Personal Finance Society’s Pathway to the Profession was created to address that challenge. Launched in July 2025 as a £1 million investment over a three-year period, it aims to attract, support and develop future financial planning professionals, while making entry into the profession more accessible.
The programme combines funded qualifications and student membership with outreach through partnerships, scholarships, and careers activity. Its purpose is to open doors for people who may not have considered financial planning before.
Supporting the next generation
The first phase of investment included more than £200,000 to support 500 new entrants taking their first step towards the Diploma in Regulated Financial Planning with the Financial Protection (R05) exam, alongside free PFS membership. As well as more than £200,000 allocated to education and career-development partnerships, and refreshed outreach materials for PFS volunteers.
The investment is a demonstration of the professional body’s commitment to the future of financial planning – a response to the decline in younger people entering the profession, and an effort to help more people understand what the profession is all about, and how to get into it.
Response to the launch has been really encouraging. Nine months in, we reached our initial target of attracting 500 individuals to become new PFS members and begin their studies, following over a thousand expressions of interest in this initiative. We were also pleased to find positive progress in representation within the new cohort. Around three quarters of the cohort were aged 30 or under, and around a third are women. So far, around 15% of the new cohort have passed the R05 exam.
That momentum is set to continue, and the PFS is excited to make a further announcement next week about the next phase of investment in Pathway to the Profession, one year since its initial launch.
Attracting new entrants is only the first step. If the profession wants to retain the next generation of advisers, support must continue beyond recruitment. Young professionals need structured development, mentoring, exam support, exposure to real client work and a culture that helps them build confidence over time.
For the wider profession, this should be a call to action. Firms can support the next generation by offering paid internships, apprenticeships, work experience, mentoring and visible role models. Experienced advisers can help by sharing their own career stories and making the profession feel accessible to those without personal connections in financial services.
Building a strong future for advice
The next generation of advisers will shape the future of financial planning. Pathway to the Profession is one response, but its success depends on the profession as a whole. If we want more people to see financial planning as a career where they can thrive, we need to make the route in easier to find, easier to understand and better supported once people arrive.
By Carla Brown, President of the Personal Finance Society
