The trade association that represents 186 UK wealth management firms is trying to draw in millenials.

The UK's Wealth Management Association launched its millennial forum to promote finance and investment among the young.

The London forum was attended by millennials – the current generation aged between 15 and 35 years – nominated by WMA’s member firms including Barclays. Its launch followed research by Goldman Sachs which found that millennials have the lowest share of the median income in history and started adult life with the highest levels of debt, making them a group that's notably distant to the wealth management industry.

“We are delighted to announce the launch of our Millennial Forum which is part of the WMA research strategy and supported by EY and IRESS,” said the WMA's chief executive, Liz Field.

“This exciting new initiative is designed to generate new ideas for specific challenges that impact the continued success of wealth management industry and to help to develop the next generation of wealth leaders. The forum will meet three times in coming months to debate these key issues. The programme and discussion will be facilitated by WMA and evolve through the participation and feedback of the forum members.”

The WMA pointed towards recent UBS research that identified millenials to be among the least trusting generations, stating it is therefore crucial for firms to know how to engage with them and attract them to work in wealth management, particularly if they want success with this demographic.