The appeal of financial advice

Increasing appetite for financial advice

Gen Z are most likely to find the prospect of seeking financial advice appealing, with 1 in 2 finding it very or extremely appealing, followed by 2 in 5 Gen Y and 3 in 10 Gen X – signalling increasing interest among younger generations.

Seeking expertise with a trustworthy personalised touch

In terms of the perceived benefits of seeking advice, the next generations are looking for someone to bring new knowledge to the table, that is trustworthy and is able to personalise their offer.
 
The top benefits of financial advice according to those that are advised or would at least consider advice include specialist knowledge, better investment options, unbiased advice and alignment with financial goals. Younger generations are increasingly more likely to see flexibility and convenience as potential benefits to finding a financial planner.

Top 10 potential benefits of finding a financial planner

Affordability and trustworthiness are top concerns 

Advice affordability is the main concern for all generations who have used or would consider a financial planner. This is then followed by finding someone they can trust and avoiding potential bias, which suggests that independent positioning and trusted recommendations will resonate strongly.

Next gens are much more likely to have concerns about the time-consuming nature of looking for a financial planner, signalling they are less confident about where to look and how to go about this.

Top 10 potential concerns with finding a financial planner


 
Getting the unadvised over the line

Lower fees, trustworthiness and understanding financial goals are the top enticements for those who are not currently advised, across the generations. 

Gen Z and Gen Y are more likely to engage if there was easier access, e.g. online consultations compared to Gen X and also if there is access to financial education.

Short summaries, educational material and video tutorials are the most likely content to resonate. Podcasts are notably much more popular among Gen Z and Gen Y compared to Gen X.

Top 10 things driving likelihood to engage a financial adviser


 
Two in 5 would be much more likely to get financial advice if used or recommended by another family member, while over 2 in 4 would be somewhat more likely – representing a distinct opportunity for advisers to establish a path to client acquisition.

 

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