Chartered Financial Planner Josh Richardson will take over as managing director.

Mr Richardson started his career at IFP in 2015 after graduating from university and specialises in pension transfers, long term care and equity release.

The board, which has an average age of 38, also includes Lindsey Gresham, Chartered Financial Planner Gregg Crawford, Jessica Crawford, Anjeanette Kemp, Sarah Williams and Chartered Financial Planner Joe Sanders.

IFP’s founder Kevin Ferriby has remained with the firm and has been appointed chair to allow the next generation to take the reins at the firm.

Earlier this year IFP completed a management buyout with five employees now shareholders in the majority stake of the business.

Mr Ferriby said when looking at succession planning he wanted to make sure the firm retained its independence as well as securing longevity for both staff and clients.

He said: “Part of the process has been identifying and selecting the team that will carry the business forward, whilst retaining full independence and securing longevity for our people and clients. I am proud to have agreed a new board, made up of dedicated individuals who feel empowered to achieve their own aspirations.

“Whilst the board reserves the right to autonomy over key decisions, I first wanted to ensure IFP would keep its independent status, rather than being taken over by a larger corporation.”

East Yorkshire-based IFP has £277m of client funds under management and has offices in Hull, Leeds and Barnsley. The Chartered Financial Planning firm works with both private clients and businesses across the country.

The Financial Planning firm was founded by Kevin Ferriby in 2009 in Hessle, East Yorkshire, and also trades as Informed Generation which is a low-cost digital solution offering basic Financial Planning to younger investors.