Good financial advice is a privilege we all should be able to afford and access. That’s according to Chartered Financial Planner, Jenny Madhoo, who, as part of The Financial Planning Group, has launched an online service for younger adults struggling to access the independent financial support they need.
SpringGen will help Generation Y and Z clients reach their money goals, a demographic that, it says, often feels priced out of financial advice. In fact, according to the Financial Conduct Authority in 2017 only 6% of 18-34-year-olds sought this kind of support.
Madhoo, who has spent 10 years working in traditional financial services companies, most recently as Chartered Financial Planner with Acumen Financial Planning in Westhill, Aberdeenshire, said: “These are people moving ahead and building successful careers, closing in on home ownership, thinking about a pension, considering where they might invest their money.
“In short, they’ve reached a stage where they do need the services of an independent financial adviser (IFA), but perhaps they haven’t — purely because of their age — accumulated enough money for these organisations to consider taking them on as clients.”
And yet, Madhoo says, people in that age group are in need of sound financial advice.
The FCA’s ‘Financial Lives 2020 survey: the impact of coronavirus’ paper, published in February says the largest proportional increase in low financial resilience — 40% or more — has been among those aged 18 to 54-years-old, particularly younger adults in the 18-34 group.
Madhoo adds: “We know too, through FCA research, that Gen Y and Z are likely to look to digital tools to access the financial support they need. And that is the guiding principle behind beanstalk — giving people the ability to go online and choose the package that suits them. All the while with complete visibility of how much it’ll cost.”
SpringGen, which has been in development for 18 months with support from departments across The Financial Planning Group in disciplines such as financial planning, client support, IT, processes, and marketing, provides a range of independent financial advice, specifically.
- MoneyInsights — a series of videos helping people improve their financial confidence covering a series of need-to-know financial topics, starting with an explainer on investing.
- MoneyActionPlan — a tailored plan to help clients make a plan for what they want to do with their money
- MoneyManagement — in-depth, one-to-one advice that’s the first step if you’re looking for product and investment advice
While the team is based in Aberdeenshire, the target market is across the UK and the team has high ambitions to be the go-to firm for qualified financial advice at an affordable price.
SpringGen is part of The Financial Planning Group, an umbrella group of five companies including Acumen Financial Planning, Medical & Dental Financial Planners, Enrich Tax Consultancy and Acumen Employee Benefits.
For further information take a look at springgen.co.uk