2023 research Report SUMMARY

The way products are promoted and discussed is more of an issue/barrier to taking advice than there being a lack of appropriate products.
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.
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.
Women value advisers who take a holistic view of their circumstances and are able to help them understand how investments can help them meet their life goals. Investing in line with personal values is more important to women.
Women also value high quality in person interactions so having a multi-channel approach is important.

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.
44% of Individuals who anticipate receiving an inheritance are reluctant to open a discussion within their family unit citing concerns about mentioning mortality.
58% of people in the UK had not discussed inheritance with their family members.
Up to 90% of beneficiaries are not using their parents’ wealth manager.

Two-thirds (67%) of those aged 18-34, have viewed financial posts from social media personalities.
57% of existing investors have seen financial posts on social media.
64% of those with investable assets over £500,000 have viewed financial posts on social media.
Nearly half (49%) of under 45s say they would consider making a financial decision, or indeed already have, based on the recommendation of the social media ‘finfluencer’.

26% of Baby Boomers never speak with their partner about their finances – a significantly higher percentage than younger generations (Gen Z and Millenials).
49% of Gen X and 63% of baby boomers never talk about their finances with friends, whilst over 80% of millennials and Gen Z do at least annually.
68% of all respondents do not speak about their finances with their employer.
Millennials speak with a financial professional more than any other generation, 70% said at least annually.
Not knowing the value of or where to go are the most common reasons for not seeking financial advice.