Cheshire-based Equilibrium Financial Planning has launched a service to make financial planning more accessible to younger people.
It will provide wealth management guidance to younger people who may have inherited property from family, have had successful careers early on, or who need a “lighter financial touch point”.
Clients will be assigned a financial planner who will create a personalised life plan, tax planning, cash flow modelling and annual ‘check-in’ reviews.
They will also have access to the Equilibrium portal to monitor portfolio values and ensure total visibility of assets.
Through this service Equilibrium is aiming to dispel the idea that financial advice is only for the very wealthy and those from an older generation.
The firm said the service will help to bridge the advice gap and encourage more people to seek advice and invest at an earlier age.
Ben Harrison, financial planner at Equilibrium will lead the service and said it will provide a simplified approach and ensure clients are only paying for the advice they need.
“An increasing number of young people are turning to social media for financial guidance, 67 per cent of those born from 1997 now take advice from TikTok and Youtube compared to 24 per cent from financial advisers.
“When we launched ‘Libby’s Big Adventure’, a scheme to help school children aged 9 and 10 develop their financial literacy skills, it became apparent that although the children’s parents appreciate the need for financial guidance, many themselves were not receiving suitable advice.
“As such, there is an evident demand for more accessible advice, particularly from millennials and Gen Z, and financial organisations have a role to play in offering affordable solutions.
“Many financial planners don’t actively seek out younger clients due to the perception that they have low asset values but building financial confidence, planning ahead, and giving investments optimum time to generate returns, are all reasons that young people need to have access to attainable, trusted advice.”
alina.khan@ft.com
