Millennial Money: Copy gym fee model for millennial advice

Our video series continues

Hannah Godfrey
clock • 2 min read

In our latest Millennial Money episode, PA's senior reporter Hannah Godfrey's guests suggest advisers should use a fee model similar to gym memberships to charge millennials for advice.

When asked what millennials want from advisers, Informed Choice paraplanner Andy Bodman says the process needs to be "easy, accessible and instant" and, crucially, cheap. As such, he suggests a gym membership-inspired subscription charging model could be the way to help millennials access advice. Penguin Wealth trainee financial adviser Tom Davies agrees, noting he works with an adviser who charges clients using a tiered subscription fee, which means they charge the client more the more complex their needs are.  "Millennials see the charges - people paying thousands and thousands of p...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Average pension transfer took just 11 days at tax year end

Average pension transfer took just 11 days at tax year end

Origo says transfer times decreased around tax year end with half taking seven days or less

Jasmine Urquhart
clock 17 June 2025 • 2 min read
Reeves eyes IHT U-turn as non-doms 'plan to leave'

Reeves eyes IHT U-turn as non-doms 'plan to leave'

‘Exodus’ fears continue to grow

Sahar Nazir
clock 17 June 2025 • 1 min read
'Not an adviser problem': Industry cites regulation as main advice gap cause

'Not an adviser problem': Industry cites regulation as main advice gap cause

‘The regulator caused it, they should fix it’

Isabel Baxter
clock 17 June 2025 • 2 min read