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Advice for Gen X Y Z
Reflecting on my last couple of weeks, I’ve had 20 client meetings, some on Zoom but mostly in person, face to face. Over the years I’ve kind of made a virtue of seeing probably more people than most of my adviser peers or colleagues. Not because I’m particularly competitive, well, not true, I am. But, no, actually because that’s the part of the job I actually enjoy, talking to and finding out about people, and I guess practice makes perfect after 30 years or so and I reckon I’m getting good at it. A couple of those I saw had actually been clients for most of those 30 years and my Zooms included some who were once local are now as far afield as Liverpool and Brighton. What most have in common is that they are plus or minus 15 years older or younger than me. And there’s the rub when we’re talking about the future of financial advice. Most advisers are old (I’m not, of course) and we don’t have, don’t look for and don’t attract many younger clients, the Gen X Y and Zs that anyone in marketing will tell you are the future. And that, too, has to be one of the reasons that we’re not getting enough young people into the profession. Now, many an adviser will tell you that they don’t look for younger clients because they can’t afford to. That the cost of regulation and all the compliance stuff we have to do means we need to talk to people who already have some money for us to look after, and cash-strapped younger couples with mortgages and kids may be on the way to that, but are nowhere near at the moment. And here’s the thing. When I look at those clients I saw this week who’ve been with me for all those years, well, they didn’t start off with lots of money. In fact, what they needed was some life insurance, income protection and a way of saving a bit of money. And, bingo, that’s how to make those Gen-whatever’s worth talking to, if you’re only thinking of the profits. Which we have to. But. I haven’t spoken to any young, trainee advisers who’ve learned in their exams, anything about basic, unglamorous life insurance and its relations critical illness cover and income protection. It’s all about investments and pension lifetime allowances and inheritance tax these days. So. Back to Basics everyone. I’d say.
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Pensions and the Lifetime Allowance
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