Business Support  

How to reach unadvised clients

  • Identify the different client groups
  • Explain how advisers can appeal to future clients
  • Explain the impact of technology
CPD
Approx.30min

Accessibility 

>It is often talked about that we have seen five years’ worth of change in five months. 

Working in the gig economy means that working hours can vary significantly and therefore the traditional ‘9 – 5’ office hours for meetings on finances don not work for the clients of the future.

There needs to be flexibility as to when they can interact with their finances, be that through technology and/or with a human. 

Technology helps for sure. It enables them to check their position or interact with their finances at a time that suits them.

The other key aspect is that it is also important that financial advice is accessible through the language and terminology used.

Within the profession we use a tremendous amount of jargon which for clients is hard to understand.

If we are going to appeal to the unadvised market, we need to speak the language of the clients to make it clear and easy to understand, thereby making it more accessible. 

Value 

We need to be able to demonstrate how we deliver value for the fees charged for a professional service, therefore the approach taken and solutions available need to address the client need in a cost-effective way.

Clients of the future have not accumulated their wealth and therefore do not have the level of assets that make a percentage of assets fee model commercially viable for either the client or business. 

Instead, it needs to be looked at through a different lens - more of a Netflix model.

The clients of the future are used to paying for things by subscription, so there is no reason that financial advice should be any different.

A menu of services and retainer model with the right technology to support the client journey could go a long way to driving engagement from this generation and making it a viable proposition from both the adviser and the client perspective.

Such an approach also addresses the concerns that millennials have around transparency of charges and the service they get. 

.Within the profession we use a tremendous amount of jargon which for clients is hard to understand.

Opportunity 

I come back to the start of this piece: there is a huge opportunity to tap into the unadvised market.

The impact of the Covid 19 pandemic on individuals’ health, livelihoods and the global economy means that now more than ever, there is a real need for financial advice in society, yet the majority of people do not currently work alongside an adviser. 

For the sustainability of our profession we must continue to adapt and focus on how we can deliver financial advice to not only the clients of today, but also the clients of tomorrow.