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Written by: Nigel Green | deVere Group
Advisers who are failing to evolve right now may find themselves watching from the sidelines as the next generation of wealth-builders pass them by.
It’s no secret that younger clients—Millennials and Gen Z—are fast becoming key players in the wealth accumulation game. But let’s face it: traditional financial advice often feels outdated, rigid, and, dare I say, a little out of touch for this crowd.
To stay relevant, advisers must pivot their approach, embrace fresh perspectives, and adopt strategies that resonate with these younger investors.
If you want to stay in the game, it’s time to shift gears. Let’s break it down.
1. Flexibility is non-negotiable
The old-school way of structuring advice around rigid, long-term planning needs a refresh.
Sure, strategic foresight remains essential, but younger investors crave flexibility in their financial plans. They’re not necessarily going to sit still and wait for that slow-burn growth fund to work its magic over 30 years.
They’re balancing saving for a house, thinking about FIRE (Financial Independence, Retire Early), starting side hustles, and investing in the world of crypto.
That’s a lot of balls in the air, and they need advice that’s fluid enough to shift with their evolving goals. Advisers need to be agile, ready to offer guidance that adjusts to changes in market trends, personal circumstances, and even life ambitions.
2. Tech — it’s the foundation
For Millennials and Gen Z, financial tools on their phones are second nature. This isn’t just about having a slick app; it’s about creating an entire ecosystem where advice is not only digital but also data-driven and instantly accessible.
These clients expect to track their investments, measure their risk tolerance, and even see projections in real time. The days of waiting for a quarterly report to arrive are long gone.
Advisers should embrace fintech with both hands. Offer digital dashboards, AI-powered risk analysis, and a user-friendly interface that keeps clients informed at the swipe of a screen. If you aren’t building a tech-first experience, younger clients will find someone who is. The era of human advisers versus tech is over—it’s time to blend the two.
3. Holistic wealth guidance
Younger generations have an entirely different approach to wealth than their parents. They’re not just looking to accumulate wealth; they want their money to align with their values. Think: impact investing, ESG (Environmental, Social, and Governance), and responsible consumerism. Advisers need to adopt a holistic perspective that goes beyond mere numbers.
It’s time to educate clients on socially responsible investment strategies, talk about the long-term impact of their portfolio choices, and help them navigate how to make their money reflect their beliefs. This is a value-add that can create deeper, more meaningful relationships.
4. Personalization over generalization
The days of cookie-cutter financial advice are done. Younger generations expect—and deserve—advice that feels as personal as their Spotify playlists.
Generic risk profiles or investment suggestions? No thanks. They want tailored solutions that reflect their unique circumstances, from earning potential to lifestyle goals.
Advisers need to spend more time getting to know their clients as people, understanding their individual goals, and offering a truly bespoke financial roadmap.
This might mean factoring in student loan repayment strategies or creating hybrid investment plans that mix stable assets with riskier ventures like startups or digital assets.
5. Transparency above all
Gone are the days when clients simply nodded along with whatever their adviser said. Millennials and Gen Z want to understand how and why their money is working for them. They crave transparency around fees, product recommendations, and potential conflicts of interest.
Don’t gloss over the details—they’ll know, and they’ll ask questions.
Be upfront, clear, and consistent about how you’re adding value and where their money is going. In a world where trust is earned by the minute, transparency will not just retain clients—it will bring new ones knocking on your door.
6. Education is empowerment
Finally, financial advisers should prioritize education over jargon. Younger investors may have the access to a world of information, but that doesn’t mean they fully understand it. Take time to break down concepts, not just sell solutions.
The more empowered they feel about their finances, the more likely they are to stick with you long-term. Host webinars, send out financial literacy resources, and make financial planning a conversation rather than a one-off meeting.
The bottom line - be bold. Or be left behind.
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