PIMFA
The PIMFA Under 40 Leadership Committee
The PIMFA Under 40 Leadership Committee (U40LC) is an exciting initiative that brings together your talented young people from across our member firms. These future leaders work together in a dedicated community to learn and collaborate with their peers, and also to conduct primary research focusing on current hot topics impacting us all across our industry.
The U40LC contributes to the strategic thinking of PIMFA and has been operating in one form or another for over 6 years – creating a plethora of useful insights and research, alongside a network of alumni they can rely on in their future careers.
In 2023 the committee investigated a range of fascinating topics such as female access to the industry, the great wealth transfer and inheritance, the impact of ‘finfluencers’ and the role of social media, and how to encourage and excite a new generation of investors.
FIND OUT KEY INSIGHTS ON ACCESSIBILITY TO FEMALE CLIENTS AND INHERITANCE SUCH AS:
- Women generally feel less confident when it comes to making investment decisions and require support from advisers to help them feel comfortable around investing. It is important to engage both parties in a joint relationship.
- Empathy and relationship building are key to female client retention. This includes the adviser building relationships with other family members where appropriate. Firms should provide next generation programmes which would likely appeal to women with children.
- There is currently too much focus on investment returns and past performance, and not enough on meeting personal/life goals which are more important to women. The industry should incorporate this finding into all its touchpoints with clients.
- 52% of those who earn over £100,000 per annum and are expecting to receive an inheritance have discussed Powers of Attorney or later life care with the generation above, but this falls to only 22% when income is below £30,000 per annum
- 58% of people in the UK had not discussed inheritance with their family me
- Up to 90% of beneficiaries are not using their parents’ wealth manager.
