Advisers should make sure they are tailoring conversations to what individual clients want, especially in a post-consumer duty world, a platform boss has said.
Paul Glynn, chief executive of later-life professional platform Air, said independent financial advice was "beautiful" in that it could support and enable individuals, but urged advisers to make sure that conversations were more tailored for male and female clients.
He said: “The beauty of independent financial advice is how it supports and enables an individual to make the most out of their savings, investments and income.
Advisers would benefit from examining this data to determine how they can best tailor their conversations.Paul Glynn, Air"However, this is dependent on the needs of the individual being recognised, and it’s clear that older men and women place different levels of importance on features regarding the financial products and services they use.”
Glynn's comments came as a study by Air carried out in May this year among 1,000 UK adults found that women aged 45 and above were most concerned that products met their individual needs and provided fair value.
Some 51 per cent of women over 45 said they saw products that met individual needs as important, compared to only 45 per cent of men the same age.
Men of the same age tended to be more concerned about support for vulnerable customers and ESG-related issues than female respondents.
The breakdown of responses can be found in the table below.
When it comes to the financial products and services you use which are most important to you? | Men | Women |
Products and services that meet your individual needs | 45% | 51% |
Products and services which provide fair value for money | 42% | 49% |
Good support and customer services from the company you use | 42% | 44% |
Information and understanding about the products and services you use | 34% | 37% |
Ability to cancel the product/policy without undue trouble | 27% | 29% |
Additional support the company offers to vulnerable customers | 14% | 13% |
Companies’ stance on sustainability, community and other green issues | 10% | 5% |
Source: Air
Respondents were able to select up to three options, with the top three being of importance to both men and women, according to the study.
Glynn added that, with the FCA's consumer duty now in effect, the research could provide advisers with insight on how to best serve different demographics.
He said: “As greater numbers of older consumers look toward later life lending options to pay off mortgages when a fixed term ends, support their retirement income, or help family members looking to step onto the property ladder, advisers would benefit from examining this data to determine how they can best tailor their conversations.
"Ultimately, a bespoke approach to advice will always be essential in creating the best customer outcomes.”
simoney.kyriakou@ft.com
