Key offer expectations from a financial planner
The top three expectations for financial advice differ somewhat across generations. While the top priority for Gen Z and Gen Y is preparing for short to medium-term goals, this expectation drops considerably among Gen X, whose top priority is preparing to fund retirement. Gen Z and Y are also more likely to expect explanation of complex financial concepts in simple terms compared to Gen X.
Gen Z are more likely to have greater expectations of cultural needs and their impact on family dynamics, and are less likely to expect preparation to fund retirement.
Next gens' top 10 expectations of financial advice
Comprehensive financial planning is the top requirement across the next generations for tailoring advice to meet their personal needs. This suggests that scaled advice may not always be an effective way to address affordability issues or to help build trust.
The younger generations also prefer to have advice tailored to help with financial literacy, social responsibility and debt management when compared to Gen X, who are much more focused on retirement planning.
Tailored advice strategies preferences
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