To do: You don’t need to set up a robo-adviser arm to your business, but having a social media strategy where you give younger clients information, or even hints and tips – such as #lifehacks or #moneyhacks – can draw them into your client base.Ĭlients in their 30s, 40s, and even their 50s, are more often than not attempting to achieve multiple goals at once. The site started out with robo-adviser aspirations but is now primarily aimed at providing information advice for the under 40s. While it might appear to challenge the traditional adviser-client relationship (and its profitability), there are ways it can be used to complement the advice process.Ĭhapters Financial launched its own financial advice website, SaidSo. Robo-advisors and the use of artificial intelligence is growing in popularity. If you want to attract more clients from Generations X and Y (age 40-56 and 25-40 respectively) then you need to learn to speak their language – namely, a tech-based one. If that isn’t enough, then a survey carried out by Sanlam and Unbiased found that the best age to seek financial advice for retirement is 25, giving individuals ample time to save larger pots for their later years.
They will also do their bit to plug the UK’s infamous “advice gap”. Advisers who invest in expanding their client base will stand to gain long term.This is still being passed down to younger generations – that is, their children and grandchildren – who will need help to manage it. There also remains untapped wealth from the baby boomer generation.These are the clients in their 30s who are building up wealth they will need to invest or manage in their 50s.” Jason Whitcombe, a Chartered Financial Planner with Progeny Group says: “While younger clients may not appear lucrative, you need to look longer term. Why do I need to attract younger clients?Īdvisers who want to keep growing their business (or even just maintain its current level of income, as older clients pass away), and have a firm to either sell or pass on, cannot ignore the need to take on more younger clients. Schroders’ survey found that many advisers were concentrating their efforts on older high net worth clients because they said it was challenging to deliver advice to younger clients while remaining profitable. The number of ageing clients is a concern for many financial planners and advisers.
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