Current processes aren’t attracting Millennials to seek financial advice

On a recent episode of the ifa Show, Helen Baker discussed working with Millennials and said their needs are very specific, including being more inclined to take digital advice over face-to-face meetings.

“They're really about technology and short and sharp,” Ms Baker said.

“They're very time poor usually.”

Ms Baker said that there are Millennials who are interested in seeking financial advice but given their preferences, current processes make it a challenge for both the client and advisers.

“The issue is our processes are very long and can take quite a long time to get through the stages we have to do,” she said.

“I think there has to be smarter ways to do it… are there simpler ways to give the advice? Can we just do letters of advice?”

It comes after certified financial planner and the founder of the Savings Squad Podcast and My Money Buddy, Adele Martin argued that advisers must think outside of the box when working with younger people.

“Having different branding or even someone in the office that’s more of a specialist, but ideally, different branding so that you can make that distinction or at least someone in the office that’s an expert with people under 40, I think that will help,” Ms Martin said.

Listen to the full podcast with Ms Baker here.

Neil Griffiths

Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.

Neil is also the host of the ifa show podcast.