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The Future of Advice: Generational shifts challenge adviser businesses

Guest authors

The generational shift of assets is having an effect on adviser propositions and in turn, is increasing the need to attract and retain the next generation of clients and advisers.

In association with citywire we talked about how to attract and retain the next generation of clients and advisers.

Here are some ideas that we feel are useful in attracting future talent in the financial profession:

  • Update your brand and website and consider ways to make it more appealing to 'younger' lifestyle values such as travel, sport, and music.
  • Create a set of values that younger people can relate to. These can be as simple as focusing on open communication and more transparency, but can also include ethical themes. Environmental goals, community involvement, and corporate governance are examples of this.
  • Set up links with universities and schools. This could be done by delivering lectures, carrying out master classes in financial education, mentoring, and offering career advice.
  • Create an apprenticeship and/or graduate scheme or offer internships. For apprentices, demonstrate that the route to becoming a professional adviser is a possible alternative to university.
  • Take time to understand how your social media presence would be perceived by young people. Does it show your company is a lively, forward-looking place to work?
  • It's worth investing in their professional development. Fund their exams and provide structured pathways to help younger advisers develop their career. Give them projects and responsibilities. Offer soft skills trainging to help them towards more senior roles.

A mixture of these measures should help you achieve a good pipeline of engaged talent that will help you build a sustainable business, well-prepared for the challenges of intergenerational wealth transfers.

We also talked to citywire about engaging successfully with the next generation of clients. Read the full citywire article here . to gain more insight on the approach some advisers are taking to attract future clients.

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The information in this blog or any response to comments should not be regarded as financial advice.