Indebted millennials 'ideal candidates for financial advice'

However, beyond that, Mr Schulte said making advice more accessible starts with flexibility on the adviser’s part.

He added: “Today’s best advisers can work across devices, adapt their business and pricing models, and provide a range of services, ultimately making advice more accessible to younger and more diverse demographics.”

He also welcomed the increased use of robo-adviser for millennials, if they are looking for a low-cost asset management.  He added robo-advice’s easy to use and engaging mobile experience has enabled a wide swath of the population to have access to diversified investment portfolios at an affordable price.

But, he added that if millennials want answers to specific financial questions and the creation of a financial plan to meet their goals, then they are better off meeting with a human financial adviser. 

The rise in different forms of advice also means millennials must remain vigilant to scams and shady financial planners.

He advised people to "never pay for anything up front".

"Before a planner can be compensated, they must establish the ground rules of the financial planner engagement, which should include areas they are responsible for and, more importantly, areas they are not.

"Any adviser requiring payment at of the very first meeting probably doesn’t have their clients’ interests at heart.”

However, Samuel Blanning, financial adviser at Bristol-based  Star House Financial Services, disagreed with the idea that debt-ridden millennials should pay for financial advice.

He said: "The reason IFAs don’t formally advise people with negative net assets is because every pound they spend on advice is a pound they can’t spend repaying their debt.

"Millennials with debt certainly should seek guidance about their financial situation, and this is available for free from numerous online and offline sources such as MoneySavingExpert, Citizens Advice and StepChange. But paying money to an IFA is highly unlikely to be worthwhile for either party."