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.
To do this there has to a be a focus on how the client journey can be relevant to the individuals both in the balance between technology and human interaction, but also by how the services are priced.
This shift will happen, and there is a huge opportunity out there for the businesses that embrace the future, not shy away from it.
The key to long-term sustainability for our industry is through engaging with new and younger clients, and showing them the real value of financial advice.
Sarah Lord is the chief client officer at Succession Wealth
