What a personalised engaging advice experience looks like
The top ranked personalised experiences sought by the next generation include personalised communication, interactive financial planning tools, customer-centric services, digital engagement platforms, as well as education resources.
Gen Z are significantly more likely to prioritise sustainability and ethical investing experiences compared to Gen Y and Gen X, while Gen X are significantly less likely to want technology integration like chatbots or authentic brand messaging than Gen Z or Gen Y.
Next gens' top-ranked preferences for a personalised advice experience
| 1 | Personalised communication e.g. Tailored email campaigns, personalised investment recommendations, customised financial reports |
|---|---|
| 2 | Interactive financial planning tools e.g. Retirement planning calculators, budgeting and savings tools, risk assessment tools, value alignment tools |
| 3 | Customer-centric services e.g. 24/7 customer support, flexible investment plans, easy-to-use account management tools |
| 4 | Digital engagement platforms e.g. Mobile apps, interactive websites, social media presence |
| 5 | Education and resources e.g. Webinars and workshops, online courses and tutorials, financial literacy programs |
| 6 | Sustainability and ethical investing e.g. ESG options, impact investing, transparency in investment practices |
| 7 | Tech integration e.g. AI and machine learning, automated customer service (chatbots) |
| 8 | Authentic brand messaging e.g. Influencer partnerships, community engagement initiatives |
How could financial advisers/planners best provide you with a personalised experience?
n=556 - Next gen investors who have used or would consider financial advice. Multiple answers allowed.
Top tips for how financial advisers/planners should engage with next-generation clients’ personal needs include transparency, one-on-one consultations as well as proactive and responsive service.
While still important for many, Gen Z are less likely than older generations to seek one-on-one consultations and relatively more likely to seek engaging content. Gen X are also much less likely to identify AI and automation as important.
Top tips for engaging with next-generation advice clients compared with Gen X
Importance of a digital experience in financial advice
Current digital usage when managing finances is high, especially for Gen Z and Gen Y. Overall, more than 3 in 5 currently use apps or websites to help manage finances, including debts, spending, investing, monitoring or research. However, Gen Z and Gen Y are significantly more likely to use apps or websites when compared to Gen X.
While more than 3 in 4 across all generations believe that a seamless digital experience is important when choosing a financial adviser or provider, Gen Z and the next gen is more likely to place importance on this compared to Gen X.
Easy investment monitoring, personalised experience, secure digital document access, online financial tools and resources, mobile app usability and a highly user-friendly design are all key capabilities the next generation expect.
Top 10 key digital capabilities expected
Fluid multi-channel experiences in demand
While digital communication is critical, the personal touch that comes with face-to-face interactions remains highly valued by all generations.
Messaging apps or texts are significantly more valued by Gen Z than any other generation.
When communicating with financial planners, email, closely followed by in-person meetings, are the most-preferred methods. Phone calls and messaging apps or texts are next most preferred. Flexibility in communication is important for 9 in 10, which highlights the need for financial planners to offer multiple channels of communication to meet client expectations.
Notably, more Gen Z & Y prefer messaging apps or text and social media compared to Gen X. Moreover, fewer Gen Z would like to communicate via email compared to Gen Y and X.
Preferred communication methods
Download the full report now or explore our other articles
