Advisers are focused on the need to change their business models if they are to attract the next generation of clients, a new industry research paper from AKG shows.
The independent consultant's research - ‘NextGen or LostGen? - The need to develop new client acquisition strategies' - found 91% of advisers recognise the need to develop different types of service and fee models in order to work with different client age groups and segments while also making use of new technology. Around half (50%) of advisers identified the cost-of-living crisis as the biggest barrier to change but 49% pointed to the impact of cost margins on their firm while regulation (47%), developing new service/fee models to accommodate new clients (47%) and the length of time n...
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