Cheshire’s Equilibrium Financial Planning is launching a ‘lighter touch’ Financial Planning service for younger clients, those in their 30s and 40s beginning to accrue some wealth.

The service will not bridge the advice gap but it may just reach younger clients interested in Financial Planning but put off by the seemingly high cost.

I know from other Financial Planners I’ve talked in recent times to that many are trying similar ideas albeit with mixed success.

Some of the new hybrid advice services, which blend online automated services with a human touch, are also trying to expand the Financial Planning market in this way.

For Financial Planning in many ways it's a new frontier but it will take a lot of work.

I do not criticise any Financial Planners, by the way, for traditionally targeting demographics that have the most money and are profitable to reach. Their clients are often 50 to 70 or older and at or near retirement. Many of them enjoy gold-plated final salary schemes and have some wealth behind them. With their often complex Financial Planning needs these clients are the bread and butter of the Financial Planner market.

With the number of over-60s in the population set to rise further, from a business point of view there is plenty of mileage in this market.

Even so, no firm can afford to ignore the millions of under 40s who would benefit from and appreciate Financial Planning advice.

And if planners are trying to target more families and households, rather than just individuals, it makes sense to offer a ‘lighter touch’ service to younger family members to extend the reach of Financial Planning.

All this means that developing new services, perhaps with the benefit of technology, is a positive new business development and should be supported.

Serving the whole UK population, rather than a small part, makes a whole lot of sense in the long term.

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Kevin O’Donnell is editor of Financial Planning Today and a journalist with 40 years of experience in finance, business and mainstream news. This topical comment on the Financial Planning news appears most weeks, usually on Fridays but occasionally other days.  Email: This email address is being protected from spambots. You need JavaScript enabled to view it. Follow @FPT_Kevin >Top Tip: Follow Financial Planning Today on Twitter / X @_FPToday for breaking news and key updates