Cheshire-based Equilibrium Financial Planning has launched a lower cost, ‘lighter touch’ Financial Planning service for the ‘You Tube’ and ‘TikTok’ generation of younger adults beginning to build wealth.

The new Equilibrium Essentials service will be run by Chartered Financial Planner Ben Harrison who qualified at 27.

It will aim at younger but aspiring adults with less wealth and less need for a ‘full fat’ Financial Planning service at present.

Clients will get a dedicated Financial Planner who will work with them to create a personalised life plan.

They will receive advice on tax planning and cashflow modelling and get annual ‘check-in’ reviews and can contact their planner at any time.

Clients will also receive access to investment expertise and advice, events, and resources such as the Equilibrium portal to monitor portfolio values.

Equilibrium says the new service will aim to make Financial Planning services “more accessible.” The firm says it wants to change the view that wealth management is just the preserve of retired people who have built significant wealth during their lifetime.

The target market is younger people who may have had successful careers much earlier than average, inherited property from parents or grandparents or who would benefit from a lighter financial advice service.

Equilibrium says it hopes its new service will help to bridge the financial advice gap and encourage more people to consider seeking financial advice and start investing at a much earlier age.

Ben Harrison, who qualified as a Chartered Financial Planner at 27, is the lead for the Essentials service.

He said: “The Essentials service provides a tailored solution to match individual client needs and brings a more simplified approach to a very complex world. Taking a long-term holistic approach and ensuring that clients are only paying for the advice that they need are the key principles at the heart of this offering.

“An increasing number of young people are turning to social media for financial guidance, of those born from 1997, 67% now take advice from TikTok and Youtube compared to 24% from financial advisers.

“Furthermore, when we launched ‘Libby’s Big Adventure’, a scheme to help school children aged 9 and 10 develop their financial literacy skills, it became apparent that although the children’s parents appreciate the need for financial guidance, many themselves were not receiving suitable advice. As such, there is an evident demand for more accessible advice, particularly from millennials and Gen Z, and financial organisations have a role to play in offering affordable solutions.