UK. Advice sector must do more to attract younger clients
There is a worrying stereotype attached to the financial advice sector: it is interested only in clients who have accumulated a large amount of wealth — so it can easily acquire assets under management. This translates to a tendency to serve clients who are old, who have paid off their mortgage and who have a defined benefit (DB) pension. We have passed ‘peak DB’, with more people now saving through DC schemes The ideal clients, in other words, are the Babyboomer generation,...