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 pounds for advice - and they think, ‘it's not for me'," says Davies. "But if you have a more cost-effective, cheaper way, it can really help."
Millennials are often referred to as the ‘snowflake generation', and can receive broad-brush criticism from news outlets that portray them as lazy and entitled.
Some evidence suggests, however, that those born between 1981 and 1996 will be the first generation to experience a lower living standard then their parents for a variety of reasons that include stagnant wages, soaring house prices, meagre pensions and student debt. As a result, millennials are sometimes considered - and can consider themselves - hard done by.
When asked if they could relate themselves to the ‘poor us' narrative, however, both millennial advisers offered a definitive no. "I don't buy into it," says Davies. "I think a lot of people want an easy way out - I think people aren't willing to put in hard work.
"I know my mum worked two jobs as a kid so we could afford stuff, and I saw my grandparents working 60 to 70 hours a week. People want to work 9 to 5, and then are confused why they haven't got as much money as their parents had."
Bodman agrees, pointing out millennials are also likely to receive inheritances from their parents and grandparents.
"Millennials expect to go to university and have a great lifestyle and come out with an amazing job, whereas parents and grandparents started out as apprentices and worked their way up the hard way," he adds. "It can be a case of, ‘I want the easy life, and don't want to put the effort in'."
To hear more of the duo's thoughts on millennials and charging, please click on the video at the top of the page
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