PFS members say national school competition could excite new talent

Announced in July, the PFS Pathway to the Profession will see a £1 million investment in initiatives designed to attract and nurture talent for the benefit of the financial planning profession. With £500k already allocated to a broad range of activities, the PFS asked its members to share their own ideas and feedback on where the other £500k should be invested. 

Over 150 members have already submitted their ideas and cast their votes on six investment options put forward by the Society. A national school competition that would engage A level, T level, and higher students in real world financial planning challenges gained votes from 60% of respondents. More than half members (55%) - who could vote for more than one idea – also said paid placements for young people with SME firms to give them the opportunity to foster knowledge and innovation would be a good idea.  

Partnering with youth groups to support financial education and raising awareness of the profession gained positive responses from 43% of respondents, followed by a social media campaign to put the profession on the radar of a broader audience (36%), and virtual work experience to enhance the knowledge of school children about the profession as part of the curriculum (35%). ‘Free PFS academic membership’, which would provide free access to resources and events to build and sustain the interest of aspiring professionals was seen positively by 31% of respondents.

Members also had the opportunity to offer their own ideas, and hundreds have already been provided. Many advocate lobbying government for financial planning to be added to the national curriculum. Others include: national radio and television campaigns to raise the profile of the profession; the creation of a platform on the PFS website where employers could list job vacancies, apprenticeships and internships; new GCSE or A level equivalent qualifications; or taking stands at local careers fairs.

Carla Brown, President of the PFS, said: “We are thrilled to be engaging with our members on the ideation phase of the PFS Pathway to the Profession investment. This initial feedback demonstrates an enthusiasm to inspire the next generation, with meaningful opportunities to develop a greater understanding of the financial planning profession. We would like to thank our many members who have submitted their ideas and feedback already and encourage any others to be provided by the end of the month. I look forward to reviewing the full list with my Board colleagues at our meeting in November, and discussing how we take those we select forwards."