Busy crowd in street

A significant population of viable affluent customers have yet to be effectively engaged by adviser. Assuring sufficient income and flexibility through retirement remains a key challenge for all savers and wealth managers.

In the second of my series I want to explore the key cohorts and their motivations towards financial advice, and how we better present propositions and engagement tools to secure broader uptake in financial advice. The following is a summary of my white paper to be found here.

Three groups account for some 25% (circa 12.8m  FAMR 2017) of the UK adult population that have largely abstained from advice:

The new demographic

80% of the UK personal (including property) wealth is currently held by Baby Boomers and Gen X. Inevitably much of this will be passed through the family to the next generations.  Full family intergenerational planning presents many opportunities:

  •   Wealth preservation / inheritance planning:

As IHT receipts continue to increase (HMT noting 44% increase to a record high of £5.4bn) inheritance planning and wealth preservation are a must to secure new customers across all generations.

  • ∙  Family advice relationships:

Octopus Investments research suggests 80% of beneficiaries do not know who their parents Advisers are…  another opportunity not to be missed.


The self directed:

Some 50% of respondents in the Attitudinal Life Survey (FAMR 2017) saw no need to consult an adviser and 36% stated a preference for making their own decisions. Creating “pay per use” solutions within a wider eco-system will engage these self-directing customers and be on hand for key advice horizons such as first home, retirement planning etc.

The “inert or unable to access”:

23% of responses suggested inertia or lack of awareness. There will be many reasons for this, from financial literacy level / recognising a need to lack of confidence or inability to find an adviser for their circumstance.

Recognising the underlying drivers (such as self-determination, inertia, lack of awareness, reluctance to fund advice etc.) will help realign proposition and services to help drive broader engagement.


To leverage these opportunities there are areas of focus that will drive success:

  • ∙  Providing appropriate propositions and services to customers that reflect the full lifecycle of accumulation / decumulation.
  • ∙  Understanding the emerging needs of the next generation of wealth beneficiaries and the inheritance / estate planning needs.
  • ∙  Making provision for and supporting the aspiring savers (largely created through auto-enrolment) often at the lower end of the spectrum.
  • ∙  There will always be “self-sufficiency”. To capture a larger share of this market we need more appropriate models that make onboarding, planning and trading both cost effective and straightforward.
  • ∙  Personalisation of solutions to better meet the specific need of all customer types will become paramount. Easy access to simple solutions and clear options for additional support / advice will drive better engagement.
  • ∙  Technology and in particular the ability to integrate and connect multiple sources and micro-services will play a key role in responding rapidly to growing / evolving needs.

At Platform Action we are specialists in the Wealth platform space. Our aim is to help you Build with Confidence, Deliver with Certainty.

Get in touch to discuss your views or to explore how we at Platform Action could help you.