NextGen Planners was conceived six months ago by Rohan Sivajoti, founder of Postcard Planning and advisory services director at Evestor, and Adam Carolan, director of Xentum.
They initially set up a Facebook group for like minded younger Financial Planners but it bloomed and blossomed and “grew a life of its own”, they explained.
They were fed up with the typical industry events and found that, as younger advisers, they were “really struggling to find stuff in common” with many delegates.
The duo were put off by the strong emphasis on at-retirement subjects and being overloaded by pitches from by providers.
Mr Sivajoti said there were “a lot of younger people” that had joined the group, with an estimated average age of 30-35. He said this was significantly lower than the average adviser, citing an estimated average age of 58.
Above: Adam Carolan, left, and Rohan Sivajoti, right, founders of NextGen Planners
Mr Sivajoti said: “We thought we need somehow to get people together. We set up a private Facebook group – people have to apply to join it and be approved.
"We had no real idea or aspirations for it when we started but it's grown a life of it's own and really blossomed. This is something we hugely welcome and it's given us ideas to expand beyond just some podcasts and a Facebook group."
He explained: “The group’s specific focus is really around the guys who have seven or less years of experience, we don’t want to pander to the old guard.
“We hate this thing in the industry going around with people saying ‘you should do this, you should do that, you have to use cashflow’, etcetera.
“It’s not going to be a church, it’s about allowing people to find their way and it’s giving people the skills to learn their way.”
To illustrate the point, Mr Sivajoti explained that he and co-founder have contrasting views on fixed fees - with Mr Carolan an advocate, while he himself believes percentages are fine.
Mr Sivajoti said: “We have our own disagreements but neither of us are wrong. We want to embrace these differences.”
He said young professionals were “crying out for softer skills” and this is a gap they are trying to fill with events and help online, including a podcast, which has attracted 5,000 downloads so far.
Next month, the group is set to announce a soft skills training programme, involving four or modules over a few months, helping planners learn more on how to open up with clients, among other skills.
PFS board member and CII, PFS and NSAFS accredited trainer, Adam Owen DipPFS, Certs CII, will be delivering one day sessions once per month, starting in April. Those taking part will gain a certificate on completion.
A full paid for membership system is coming. Figures are being finalised at the moment, with plans for members including an online forum, monthly webinars with specialists and exclusive content discounts via a new website.
A Next Gen Planners conference is slated for November, possibly in Manchester.
Mr Sivajoti said: “We want to make that really different and cool, there’ll be a crèche so people can bring their kids, there will be no suits, and there’ll be speakers from inside and outside of the profession.”
At the moment, the Facebook group operates as “no moan zone”, with constructive dialogue encouraged, rather than just whinging, as some message boards can do.
No adverts are allowed, and it is about sharing best practice and having a safe haven to ask fellow planners for practical guidance and tips.
Mr Sivajoti added that the younger planers feel a need to make a clear identity for themselves after mis-selling scandals associated with the advice sector in previous decades.
He said: “We feel like we need to rebuild the reputation and we don’t want to be tarnished with the same brush.”