The Personal Finance Society (PFS) has announced a £1m investment in initiatives designed to attract talent for the benefit of the financial planning profession.

As part of the move, the society has identified an initial £500,000 worth of initiatives which include more than £200,000 to support 500 new entrants to take their first step towards gaining their diploma in regulated financial planning.

At an event in central London this morning, the president of the PFS, Carla Brown, was joined by fellow PFS board members, Edward Grant and Gill White, who announced details of a range of initiatives that will make up a new PFS “pathway to the profession”.

The professional body will lead several of its own initiatives as well as work with other organisations to “open doors” and “remove barriers” for the financial planning profession.

Following the initial £500,000 worth of investment, the PFS board revealed it wants its members to suggest other initiatives, which if approved, would take the total to £1m.

President of the PFS, Carla Brown, said: “Every profession needs a pathway that anybody with the passion and potential can find and follow. As President of the PFS, I’m proud to share that the PFS Board has approved the launch of our new pathway to the profession – a bold initiative backed by an initial £1m investment in our 20th anniversary year.

“This marks a significant and deliberate step, we are demonstrating our ongoing commitment to nurture the next generation of professionals and support the vibrant future of the financial planning sector.”

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