I was really pleased to be invited onto the Money Marketing podcast recently to talk about how financial advisers can reach young people – aka the Covid-19 generation.
Each of these podcasts is a 10-15 minute dive into how the crisis is turning the profession of financial planning on its head. Money Marketing is one of the UK’s most respected financial trade magazines and its editor Justin Cash is legendary not just for his nominative determinism but his vast understanding of the world of financial advice.
There are many good reasons why advisers need to keep their doors open to young people. Research from Kings Court Trust shows that a quarter of advice firms with book values of more than £20 million don’t have a strategy for reaching the children of their clients. A similar percentage say beneficiaries walk away because they simply don’t know the adviser or they want more control of their money. And they’ll take, on average, £288,000 with them.
Bringing on young financial advisers, viewing existing clients as “gateways” to young people and embracing technology – these are all ways advisers can make themselves relevant to a new generation.
I discuss how advisers can use their expertise – and empathy – to help young people right now. Enjoy!
This is quite an emotional time for people. They may realise their pre-corona life involved spending money on things that weren’t really making them happy. They may decide to shift their finances quite dramatically towards fulfilling longer term goals that are more meaningful.
If you enjoyed this, you may also like to read some of my previous thoughts on young people’s access to financial advice in the Financial Times.