The Personal Finance Society (PFS) has launched a £1 million programme aimed at tackling the decline in new entrants to the financial advice profession.
The three-year initiative called Pathway to the Profession will fund qualifications, internships, outreach campaigns and partnerships with education and diversity-focused organisations.
The programme will give 500 people free access to the Level 4 Diploma in Regulated Financial Planning, which includes one exam, study materials, and student membership, worth £235,000 in total.
In addition, £20,000 will be used to support paid internships, with the aim of securing 300 placements over the three years. Another £50,000 will fund the creation of youth-focused areas at national PFS conferences, designed to engage students and career changers. A further £30,000 will go toward refreshing the society’s careers websites and outreach materials.
The PFS has partnered with several organisations, including Coventry University, to offer finance scholarships, the Duke of Edinburgh’s Award to deliver financial skills education and UpReach to support lower-income students. It has also partnered with Everywoman to promote female leadership and career returners and Ucas to highlight financial planning on its careers platform.
PFS figures show a continued decline in early-career engagement with entry-level membership falling from 5,151 in 2015 to 2,876 in early 2025, even as the number of chartered professionals grew to a record 8,400.
The society said that £482,000 of funding remains, which will be allocated after it consults with its members.
PFS president Carla Brown says: “We’ve seen the profession grow at the top end, but not enough new people are coming in at the start. That’s why we’re investing in 500 fully funded qualifications and pushing for more paid internships, because unpaid roles just aren’t realistic for many young people. We need to go where the talent is, including schools and universities, and make this career visible, accessible and inclusive. This isn’t just about qualifications, it’s about helping people find a way into a profession they may not have even considered.”
PFS board member and former president Eddie Grant says: “This £1 million commitment is more than just funding, it’s a signal that the PFS is serious about addressing the long-term sustainability of our profession. In the past, we’ve responded to big challenges like RDR with lasting solutions, and this is the next step: ensuring that we attract, support and retain the next generation of financial planners. It’s a shared commitment to a profession we can all be proud to champion.”
PFS board member Gill White says: “We’ve seen strong growth in our chartered and fellow membership, but entry-level numbers have fallen significantly, and that’s a risk for the future. This programme is about removing barriers to entry, creating more paid opportunities and giving young people a clearer route into the profession. We’re also making sure the people we reach reflect modern Britain, across gender, background and ethnicity, and that they feel supported from the moment they engage with us.”
