He will serve for an initial four-year term.

No longer working as a financial adviser, Mr Wright is the founder and director at financial services consultancy firm, Change Squared.

He is also trustee of the Suit Works, a charity focused on social mobility by helping unemployed people back into work, and is also an independent non executive director at a national financial advice network.

Mr Wright was appointed following over 200 applications. He was recommended by the PFS Nominations Committee due to his wide range of skills and knowledge.

He said: “It’s a real honour to be elected to the board of the professional body I’ve been a member of for 20 years and it feels like the perfect time to help shape the next chapter of the PFS’s story. I’ll be heavily focused on what we can do to practically support our members as they deal with the challenges of today, whilst keeping an eye on preparing for their future.

“I’m also keen to find new ways to bring through the next generation of Financial Planning professionals, cementing the future of our profession.”

The professional body has also elected two of its existing directors, Carla Brown and Daniel Williams, as vice presidents.

Both will act as vice president this year, with one to be elected to serve as president for 2025, subject to confirmation at the PFS’ AGM. The other will serve as president for 2026.

Ms Brown has also been appointed chair of the PFS Power Panel, which she has served on for several years.

Don MacIntyre, interim CEO of the PFS, said: “Carla and Dan’s appointments provide members with a consistency of vision for the medium-term. Our members’ passion and dedication to their professional membership body shone through the application process and I know our organisation is now well-placed to drive forward our ambitious business plan for 2024 and beyond.”