To start with, we must recognize that lack of awareness is a problem. Put simply, many university students and young graduates know little about financial planning as a career, the opportunities it offers and the paths to becoming a planner.
In my discussions with industry firms, it’s clear that they recognize the tremendous potential that new graduates and young professionals bring to the financial planning profession. Still, attracting and retaining them can present challenges. Many firms find that young talent often lacks awareness of financial planning as a rewarding career path or may not yet have the soft skills and client-facing experience needed to succeed in advisory roles.
Of course, if we want to encourage members of Gen Z to view the profession as a viable option, we need to do more than remove barriers. It’s just as important to understand what young people want their futures to look like — and help them see how a career in financial planning can align with their goals, values and preferences.
One thing we know is, in these uncertain times, a lot of new and future graduates are prioritizing financial security. As shifting international relationships, economic instability and AI continue to reshape the job market, it’s not surprising that many young people are focused on finding and keeping a position that will compensate them well.
While money is often crucial, it’s not the only factor motivating members of Gen Z. These are young people who’ve witnessed the toll that burnout has taken on previous generations. This knowledge, combined with a growing understanding of the importance of mental health, has led many to make work-life balance a priority.
Perhaps above all, these young adults often place strong emphasis on finding meaning in their careers. For many, performing purpose-driven work that aligns with their personal values — and allows them to contribute to positive change in their communities and the world at large — is an absolute must.
What the profession can do
If we want to attract and retain the next generation of talent, one of the most obvious places to start is by reframing the profession. This step is about clearly communicating the benefits of becoming a planner — and doing so in a way that speaks to what young people want.
Thoughtful marketing campaigns will allow organizations that advocate for the profession to share the value of working in financial planning with new and future graduates. Messaging that focuses on competitive compensation, flexibility, work-life balance and the opportunity to make a difference will resonate deeply.
Collaborating with postsecondary institutions can help ensure that organizations within the profession are reaching the right demographic, and vice versa. When educators speak directly to young people who are thinking about their futures — about relevant credentials, paths to certification, career opportunities and more — it can lead to more in-depth consideration of financial planning as a career.
Building strong relationships with universities and colleges can help us not only promote the profession effectively, but determine how best to support those considering a path toward it. Doing so can also provide us with feedback from young people on the path to certification, allowing certification bodies to implement updates that better meet students’ needs.
Collaboration with financial services firms is also critical. If students know there are jobs waiting for them once they complete their education, and that there will be plenty of support along the way, they’re more likely to pursue a financial planning career. Providing meaningful student experiences can also help ensure young people choose and complete a path to becoming a planner, something postsecondary institutions and industry firms can do together.
With regards to the industry, forward-thinking firms are investing in early exposure programs, mentorship opportunities and structured career development pathways that help bridge the gap between education and practice. By engaging with postsecondary institutions, offering internships or co-op placements, and supporting certification pathways like the CFP designation, firms can play a vital role in building a strong pipeline of next-generation professionals — ultimately strengthening their teams and the profession as a whole.
Individual financial planners also have an important role to play. Experienced professionals can act as mentors to young people, bridging the gap between school and work. This can be especially helpful for members of Gen Z, many of whom missed out on useful in-person learning opportunities during the pandemic. Current planners of all ages can find opportunities to publicly share what’s made their career in financial planning so rewarding.
If we’re serious about ensuring the future financial resilience and well-being of Canadians, we must continue to grow the talent pipeline. We can’t do that by ignoring a generation of prospective planners we should be nurturing. By listening to young people, promoting financial planning careers in ways that resonate with them and ensuring collaboration among relevant stakeholders, the financial planning profession can do just that.