Next generation planning
Many of your clients will have children or grandchildren who are ‘millennials’. Born between the early 1980s and 2000s, this generation faces a perfect storm of low wage growth, an insecure labour market and soaring house prices – all of which can make ambitions like home ownership seem like a distant dream. No wonder the ‘Bank of Mum and Dad’ is so keen to lend a hand.
As an adviser, you can recommend products that will let those fortunate baby boomers help out in the most tax-efficient way possible. At the same time, you can take the opportunity to introduce younger family members to the benefits of financial advice, safe in the knowledge that they could become your next generation of clients.
A persistent opportunity
Research conducted by AJ Bell shows that more than 50% of assets under advice have a persistency of between 6 and 18 years – this is based on the life expectancy of the current owner of the assets. Developing early relationships with the beneficiaries of these assets resets the persistency countdown and helps to future-proof your business – as well as delivering the many benefits of financial advice to customers who may not otherwise look for it.
Source: AJ Bell research
Meet the family
Gaining the trust, and therefore the future business, of your clients’ children and grandchildren may not be as simple as you would first think. Surprisingly, in a recent survey 50% of 22- to 37-year-olds stated that they would not consider using their parent’s financial adviser. Countering this resistance may demand some creative thinking, but the rewards – both for you and this next generation of clients – could be significant.
Source: The Centre for Economic and Business Research
Source: Engage Insight research
Next generation investing
Wide range of products
Low-cost Junior SIPP, Junior ISA and Lifetime ISA with custody charges up to 0.20% p.a., dealing from £0 and no establishment or quarterly administration charges where assets are held on our Funds & Shares Service*.Our platform
A comprehensive investment range
Access to our 4,200 funds, ETFs and investment trusts, as well as our range of AJ Bell Passive funds – risk targeted multi-asset funds with an OCF cap of 0.35% p.a.Investment options
Award-winning platform functionality
You can access a range of easy-to-use portfolio, investment and cash management tools.Tools
Client app and website
Clients can easily access their accounts on the move, via our dedicated client website and mobile/tablet app.Customer area
Find out more
Full details of our charges and comprehensive range of investments can be found at the following links.
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