Expert: Éva Adravetz-Kadocsa, International Sales Director, Dorsum Facilitator: Ben Wright, Melo
Headlines:
- Perspectives on the barriers to intergenerational planning, such as the traditional ways of providing advice not resonating with younger generations, lack of time and resources, and the perception of the industry as outdated
- The potential of technology to simplify processes, provide confidence, and enable advisers to cater to diverse client needs and preferences
- The importance of adapting to changing client expectations, leveraging technology, and fostering a diverse and skilled adviser workforce to ensure the sustainability and relevance of the financial advice profession
Discussion points:
Challenges in intergenerational planning
The biggest blockers to good intergenerational planning include the traditional mechanisms of providing advice not resonating with younger generations who are more accustomed to technology and different levels of engagement.
The cost of services, segmentation across businesses, and the lack of time and resources were also cited as barriers. Additionally, the perception of the industry as relatively old and outdated was mentioned as a potential deterrent for younger clients.
Attracting and retaining younger advisers
The importance of attracting and retaining younger advisers to ensure the sustainability of the profession.
The need for intergenerational movement within the adviser workforce and the challenges of making the industry known and appealing to younger generations.
The role of academies and training me in nurturing young talent was highlighted, as well as the potential of technology to make the profession more attractive to tech-savvy individuals.
The role of technology
Technology emerged as a central theme in addressing the challenges faced by the financial advice profession and its potential of technology to simplify processes, provide confidence, and enable advisers to cater to diverse client needs and preferences.
The importance of leveraging technology for communication, engagement, and education was emphasized, while also acknowledging the need for personal relationships and human interaction.
The discussion also explored the use of digital tools, mobile apps, online platforms, and AI-powered solutions to enhance the client experience and streamline operations.
Communication and client engagement
The significance of effective communication and client engagement strategies and the need to adapt to the changing expectations and preferences of younger generations, who may seek advice and information through non-traditional channels such as social media and online platforms.
The importance of finding the right balance between digital tools and personal interactions was discussed, as well as the need for tailoured approaches based on individual client preferences and journeys.
Key takeaways:
- Explore and implement technology solutions to simplify processes, enhance client experiences, and cater to diverse client preferences across generations and demographics
- Develop strategies to attract and retain younger advisers, including leveraging technology, fostering a diverse and inclusive workforce, and promoting the industry as a promising and cutting-edge profession
- Invest in education and guidance programs to bridge the knowledge gap and prepare the next generation for inheriting wealth and financial responsibilities
- Enhance communication and engagement strategies to effectively reach and connect with younger clients through their preferred channels and platforms
- Foster a culture of continuous learning and adaptation within the financial advice profession to stay relevant and responsive to evolving client needs and market dynamics
