Don’t we all love to pigeonhole, about as much as we hate to be pigeonholed. It’s fair to say that the majority of financial advisers’ clients fit in the ‘Boomer’ hole, those born between 1946 and 1964, with an increasing number of 1965 to 1980 Ten X-ers, who are either at-retirement or reaching the age when it’s suddenly imminent. It’s the 1981-1996 Millennials whom we should all, apparently be wooing. They’re happy to do a lot of stuff online, although not as happy as the next lot, Gen Z, for whom it will go without saying and be second nature; and they’re more likely to want to invest ethically, too. Well, I don’t know. People are people, and there are as many ‘let someone else save the planet, I just want to make money’ types amongst 40 somethings as there are in the next layer; and vice verse. And yes to the more Zooming and Teams-ing; but again, just as many want to put both a face and a body to a name. Remember, it’s not just the over-60s who are buying all those vinyl records.
“FCA announces plan to reduce regulatory burden on financial services firms”
Our regulator’s latest initiative is to reduce the amount of regulation. It’s become apparent that their previous big initiative, ‘consumer duty’, has made many look at the work they do and clients they look after, and decide that to do the job properly they have to look after less and perhaps charge more for complying with all the detailed compliance the rules require.
