• Home
  • Investment
    • Multi-asset
    • DFM & Model portfolios
    • Platforms
    • Ratings, Research & Risk
    • Tax-efficient investing
    • Markets
    • Companies
  • Retirement
    • Pensions
    • Income
    • Investment
    • Regulation
    • Estate planning
    • Equity release
  • Your profession
    • Adviser tips
    • Business models
    • Companies
    • People
  • Regulation
  • Tax planning
  • Protection
  • Technology
  • Diversity
  • Events
  • Industry blogs
  • Newsletters
  • Multi-Asset Review
  • Sign in
  •  
      • Newsletters
      • Account details
      • Contact support
      • Sign out
     
     
    •  

      Personalise your on site experience

      Download and use the apps

      Access your subscription from outside of the office

      Get relevant news and insight straight to your inbox

      Sign in
     
  • Follow us
    • Twitter
    • LinkedIn
    • Newsletters
    • YouTube
  • Register
  • Events
    • Upcoming events
      event logo
      Women in Investment Awards 2019

      Investment Week is delighted to announce our Women in Investment Awards 2019, in partnership with HSBC Global Asset Management, will take place on 27th November in London. Nominations now open!

      • Date: 27 Nov 2019
      • Finsbury Square, London EC2, London
      event logo
      Investment Marketing Leaders Conference

      Investment Week is launching the Investment Marketing Leaders Conference. This conference will aim to bring together the top decision makers from asset management firms, advisory firms and investment banks to share their own experiences, discuss future strategies and workshop practical solutions.

      • Date: 29 Nov 2019
      • Sofitel St James 6 Waterloo Place London SW1Y 4AN , London
      event logo
      Tax Efficiency Awards 2019/20

      Investment Week is delighted to announce the Tax Efficiency Awards 2019/20

      • Date: 29 Nov 2019
      • One Moorgate Place Chartered Accountants Hall 1 Moorgate Pl London EC2R 6EA, London
      event logo
      Professional Adviser Awards 2020

      The Professional Adviser Awards recognise excellence in Financial Advice. The 2020 awards will be held at The Brewery on Thursday 6th February.

      • Date: 06 Feb 2020
      • The Brewery, 52 Chiswell Street, London EC1Y 4SD, London
      View all events
      Follow our events

      Sign up to receive email alerts about our events

      Sign up

  • Whitepapers
    • Find whitepapers
      Search by title or subject area
      View all whitepapers
  • Industry blogs
  • Multi-Asset Review
Professional Adviser
Professional Adviser
  • Home
  • Investment
  • Retirement
  • Your profession
  • Regulation
  • Tax planning
  • Protection
  • Technology
  • Diversity
 
    • Newsletters
    • Account details
    • Contact support
    • Sign out
 
 
  •  

    Personalise your on site experience

    Download and use the apps

    Access your subscription from outside of the office

    Get relevant news and insight straight to your inbox

    Sign in
 
  • Trending now
  • Quilter 'not scared'
  • SM&CR checklist
  • Zurich acquisition 'opportunistic'
  • Your profession

Steve Andrews: How tech can help keep the next generation on the books

'Choosing the right technology is paramount'

 "Services should be cutting-edge and deliver a personalised experience for each client" - Steve Andrews
"Services should be cutting-edge and deliver a personalised experience for each client" - Steve Andrews
  • Steve Andrews
  • 04 October 2019
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  
0 Comments

Managing the next generation's wealth will need a next generation advice approach, writes Steve Andrews, who argues those who continue to resist digital innovation face becoming less competitive...

The differences in attitude between the new generation of the wealthy and how their parents managed their fortune is extremely evident today, raising a challenge for advisers when it comes to finding innovative ways of keeping the next generation on their books.

According to a report from Accenture, in the US alone trillions of dollars of wealth will transition between generations over the next 20 years. This is set to be an issue in the UK too, and managing this next generation wealth will need a next generation adviser approach.

Related articles

  • Dan Kemp: The next decade, underperforming managers and risk-adjusted returns
  • Tom Ellis: How Embark Group became the new big platform on the block
  • Mark Greenwood: A final checklist for the SM&CR
  • Laura Suter: Why the LISA needs some TLC

Thinking ahead and putting necessary measures in place to ensure your services match the requirements of the next generation of client will be critical, and while looking forward let us not forget that boomers still have to be served too, which makes it challenging for advisers who may have to have multiple propositions and/or business models to serve all clients through a period of transition.

Working closer together with existing clients and building strong relationships with the heirs, hiring the 'next generation' advisers and ensuring adequate training will also be crucial, particularly when it comes to inheritance tax planning. That said, being more tech savvy will remain key in making sure that advisers keep the next generation of wealth on their books.

In an era of super-fast technology and instant communication, it is likely that the next generation will trust technology more than they trust humans. Younger clients naturally have greater expectations in terms of being able to access information instantly, so the demand for accessing a range of services 24/7 will significantly increase specifically on mobile devices.

Services, meanwhile, should be cutting-edge and deliver a personalised experience for each client, tailored services and communications based on their current holdings, interests, goals, life events, financial activity and overall requirements. We are already seeing this type of technology and functionality being delivered by the challenger banks, fintech and insurtech entrants into the market.

Integrations will play an essential part of the overall service advisers provide, whether that is integrating multiple software tools or services, or in the era of open banking data, which consumers will want to be used efficiently in multiple processes cutting down on form filling, factfinds, know your client, application forms and so on. Moving forward with the introduction of artificial intelligence and machine learning, the ability to constantly monitor and service clients 24/7 on real-time data will become the norm. 

While smart use of technology can give an adviser a competitive advantage for the next generation of clients, choosing the right technology - one that simplifies, streamlines and automates business processes - is paramount.

The very purpose of such technology should be to efficiently provide services to clients with quicker, more cost-efficient processes, workflows, automated monitoring, business checking, real-time management information, and so on, while ensuring that all regulatory requirements are being met.

The application of advanced analytics to improve decision-making processes leads to higher quality of products and services.

According to PwC data, firms that continue to resist digital innovation face becoming less competitive. While some are reluctant to embrace technology, those savvy advisers who do and are using technology as an asset to better serve their clients will undoubtedly thrive. 

Steve Andrews is head of managed services at Focus Solutions

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  
  • Topics
  • Your profession
  • Technology
  • Next generation
  • Millennials
  • Steve Andrews
  • Focus Solutions

More on Your profession

Professional Adviser's noticeboard
Adviser noticeboard: Post-it note size stuff for IFAs

Our weekly heads-up for advisers

  • Your profession
  • 26 November 2019
PFS launches beefed-up toolkit to help promote Chartered status

  • Your profession
  • 25 November 2019
Steve Sands: "In an ever more complex world of pensions and investment, we are well positioned to help our clients navigate their financial challenges."
Mercer appoints new head of financial planning

  • Your profession
  • 25 November 2019
Three things your clients may call you about this week …

  • Your profession
  • 25 November 2019
FSCS declares 11 adviser firms in default between August and October

The Financial Services Compensation Scheme (FSCS) declared 11 adviser firms in default between 1 August and 31 October.

  • Your profession
  • 22 November 2019
blog comments powered by Disqus
Back to Top
  • About Us
  • Contact Us
  • Marketing solutions
  • Terms and conditions
  • Policies
  • Careers
  • Twitter
  • LinkedIn
  • Newsletters
  • YouTube

Incisive Footer Logo

© Incisive Business Media (IP) Limited, Published by Incisive Business Media Limited, New London House, 172 Drury Lane, London WC2B 5QR, registered in England and Wales with company registration numbers 09177174 & 09178013

Digital publisher of the year
Digital publisher of the year 2010, 2013, 2016 & 2017
Loading