Advice firm launches guidance service for young people
Advice firm First Wealth has created a new company to help young people grasp the basics of financial planning by providing “low-cost” guidance.
The company has co-founded the new service with Zanna van Dijk, a Forbes 30 under 30 lifestyle influencer with nearly 400,000 Instagram followers.
Called Thrive Money, it succeeds ‘Let’s Talk About Money’ - the firm’s previous brand targeted at young people which sat under the First Wealth umbrella.
Let’s Talk About Money has now been closed down and its followers absorbed into Thrive Money.
The new service will provide guidance through a number of channels, including fortnightly newsletters, Instagram, live events, webinars and digital courses. Events are currently priced at about £30 per attendee.
The 35-person advice firm chose Van Dijk in an effort to appeal to young women in particular. The goal is to break down some of the barriers between young people and financial education.
First Wealth is an appointed representative of Best Practice IFA Group and focuses its efforts on advising London-based high-night-worth individuals.
A team of financial advisers and client managers will support the Thrive Money service, which forms part of the company’s social commitment as a certified B Corp.
Co-founder and director, Robert Caplan, said Thrive Money is the firm’s solution to the advice gap which has led to many young but high earners not being able to get financial advice early on in their careers.
“The clients I deal with day-to-day do not represent the majority of people and for most, high quality and reliable advice is out of reach,” said Caplan.
“Thrive Money is our solution to this problem, it aims to close the advice gap.”
He argued “almost all” low-cost financial advice in the UK is product-led and aims to sell something, whereas Thrive Money will look to deliver the fundamentals of “proper” financial planning.
“We will improve people's relationship with money and ultimately enhance their financial wellbeing through creating a community where like-minded individuals who have been let down by financial institutions can share their experiences and journey,” said Caplan.
Initially, Thrive Money will provide content and guidance through its Instagram channel and a fortnightly newsletter. Live events start next week.
Then in October, the new company will launch its first course which will comprises of seven modules covering budgeting, investments, pensions and savings.
On the launch, Van Dijk - who has built the majority of her following off of food and exercise tips, said she is keen to go further in helping people tackle stress.
“Everyone is talking about reducing stress, but nobody is talking about how money plays into this,” she said.
“If we can reach these people and give them educational tools which empower them to take control of their finances, then we can vastly improve their wellbeing.
“As a woman, I am hugely passionate about tackling the glaring gender pay gap, gender savings gap and gender wealth gap.”
ruby.hinchliffe@ft.com