2024 research Report SUMMARY

Only 43% of respondents agreed that firms clearly disclose costs and 44% believed they could make an informed decision on ongoing charges for investments.
Trust is higher among those who receive personalised services (discretionary and advisory) with active investors showing greater confidence in understanding financial costs.
Fewer than half of respondents believe they could make an informed decision on ongoing charges for investments with younger people being significantly more confident that costs and charges are clearly disclosed compared to those over 55.
Older clients seek stability, trust and personalised support more than high earners who favour performance. Younger clients desire digital convenience and quick service.
Customers are generally happy to pay a higher price for improved service and propositions, particularly those already receiving investment and financial advice, but it should be noted that there is a lot more resistance to increasing fees for those over 55.
Intangible benefits, such as speed of service and availability of professionals when clients need support are recognised and valued more by clients with higher levels of engagement.

Firms should focus on building their brand affinity and reputation, whilst also ensuring they possess a more diverse adviser base for those who deem this paramount. Firms need to build out the availability of their digital services and make entry points into advice offerings that are clear and simple without too many options.
Younger clients increasingly value diversity, and firms should aim to diversify their teams and promote advisers who reflect these characteristics in order to attract and retain Gen Z and Millennial clients. This could also mean a shift in training and hiring practices.
Ethnic minorities may face numerous barriers such as the issue of financial literacy and a higher likelihood of being denied loans.
29% of UK adults say they would be more likely to purchase a product or service from an organisation promoting social mobility.

More men had both stronger views on company takeovers compared to women. A striking finding was that nearly three times as many women were unsure about their perception of company takeovers, making up just under 10% of the female respondents.
13% of customers aged 18-24 would consider leaving during a takeover, compared to only 3% of those aged 65 and above.
It is not just costs that can increase client attrition. Of younger investors they demand sufficient digital service. 72% clients reported they would leave if they saw a degradation in digital services.

A staggering 80% of people who ranked impact to geographical location in their top three concerns if their financial services provider were to announce they were to be taken over, are located outside of London and the South-East.
Over a third of people in this study who ranked location in their top concerns were aged over 55.
Nearly 20% of people who identify as working or having worked in modern and traditional professional occupations determined that a change of location would be a top concern if their financial services provider was to be taken over.