‘Young people don’t know advisers care because we don’t tell them’

‘Young people don’t know advisers care because we don’t tell them’

Younger generations still do not understand the value a financial adviser can add because the industry has not cracked how to communicate this, according to Money Means founder Helena Wardle.

“It’s an incredibly difficult problem. No-one talks to this group, and so there’s no demand,” Wardle explained on the latest FTAdviser podcast.

“We’ve got to focus on the service that gets people to the product, rather than the product itself.”

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Wardle said advisers do not have to “reinvent the wheel”, but that looking beyond the industry for technology solutions is one good way of creating more relatable and slick experiences for younger clients.

“[Young] people don’t know how much we care because we don’t tell them,” she said. “Social media is a great medium for that.”

Co-founder at Money Means, Chanelle Pattinson, was also on the podcast. She said she has taken inspiration from subscription services such as Beauty Pie and how they regularly engage with younger generations.

“Even if it’s completely different from what everyone else is doing, I think that’s what the industry needs,” said Pattinson.

“The stuff that makes the biggest difference is outside of the industry. We need fresh ideas. It [the industry] needs to change to work for this client.”

Pattinson, who has grown her Instagram following to over 2,500 so far, said communication with younger clients needs to bring topics to life and avoid jargon.

“We have a rule that if it's over a certain amount of syllables, we don’t use it. If you understand something you should be able to explain it really simply. It all goes back to doing it a bit differently and making it exciting.”