Given the unique needs of next-generation clients, financial advisers have a number of areas of opportunity.
- Develop more sophisticated digital servicing capabilities to meet emerging expectations while retaining the ability to provide one on one consultation.
- Winning trust by demonstrating transparency, independence and lack of bias. This can also be facilitated by leveraging existing client family relationships to extend their trusted offer to the next generation.
- Facilitating a more hands on approach for clients who want to be more involved in decision making and retain direct investing aspirations.
- Supporting self-improvement through a coaching rather than outsourcing relationship and proactively offering educational support and resources.
- Tailoring advice to meet personal needs and providing greater personalisation of service offers.
- Improve accessibility and convenience for their clients.
- Provide both planning for short to medium gaols and broader quality of life planning needs.
- Develop expertise in advising around ethical, sustainable and impact investing desires.
The evolving financial landscape presents a significant opportunity for financial advisers to refresh their service offerings and better serve younger generations. As the report highlights, younger clients—particularly Gen Z and Gen Y — are approaching financial management with different expectations and priorities compared to older generations.
These emerging groups place greater emphasis on wealth growth, financial independence, and shorter-term financial goals, rather than focusing primarily on retirement savings. Advisers must adapt to meet these needs if they are to future-proof their business for continued growth.
One key area of opportunity is in digital service capabilities. Younger clients expect seamless digital experiences, ranging from mobile apps for investment monitoring to interactive financial planning tools. However, the personal touch remains essential, meaning advisers need to balance one-on-one consultations with the ability to deliver high-quality digital services.
The younger generation's desire for convenience and flexibility offers an avenue for advisers to offer more personalised and adaptive services, ensuring they can meet clients where they are, whether digitally or in person.
Financial advisers also have an opportunity to act as educators and coaches, guiding younger clients through complex financial decisions.
Many younger investors are increasingly being influenced by multiple sources of information and informal advice that varies in quality and independence.
Advisers can help correct misconceptions and provide structured advice that helps clients avoid risky financial behaviour, such as overly speculative investments and lack of diversification. Tailoring advice to include financial education, especially in aligning with personal values, is likely to resonate with these clients, who increasingly prioritise ethical, sustainable and impact investing.
Finally, the impending transfer of wealth across generations opens the door for advisers to provide greater support around navigating inheritance they receive. Younger generations face legal, financial, and emotional complexities related to inheritance, and many are keen to turn to professional advice for help.
Financial advisers who can effectively navigate these needs will not only attract a new client base but will also strengthen relationships with existing family clients, ensuring continuity of service across generations.
By addressing these areas, advisers can revitalise their offerings and position themselves for long-term growth in a changing financial environment.
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