On the one hand, baby boomers with ‘golden-age' pensions that are living longer than ever before. On the other, the rising young investor keen to make a quick buck, seeking advice from YouTubers and TikTok influencers.
This is, of course, generalising, but is on the minds of financial advisers as they think about the multi-generational planning that is needed for their clients and their families in the near future.
There are many hurdles to negotiate, including tax and estate planning, and firstly financial advisers need to consider how they need to think differently about their approach and planning for clients.
"The industry is traditionally geared to appeal to individuals with acquired wealth," remarks Fiona Tait, technical and compliance director at Intelligent Pensions. "The increase in wealth held by the baby boomer generation means that advisers have not had to look too far to find clients who would benefit from their services."
As this cohort ages, this wealth is starting to pass to the next generation. Advisers must look to adapt their services so that they can engage with them now rather than waiting until after the wealth is transferred.
Read more on how to talk to your clients about the great wealth transfer, how advisers can help to close the gender wealth gap, and how to talk to clients about retirement in a Professional Adviser's content hub in partnership with Flagstone. By clicking "Read Here" below you agree to the data protection statement below.
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