Millennials want financial advisers to help with ‘adulting’

Research conducted by Opinium on behalf of Scottish Widows has found that millennials are seeking different types of advice from financial advisers compared to other age groups, which advisors may benefit from addressing.

The research explored the views of 2,000 UK adults and over 203 UK Independent Financial Advisers to understand attitudes towards seeking financial advice and how independent financial advisers respond to these needs.

Results found that nearly three quarters (73%) of consumers want a financial adviser to help them predict how major life moments could affect their finances. Millennials are particularly keen for this type of advice with 24% of 18-34-year olds saying they want their financial adviser to offer real life scenario exercises for situations such as marriage, divorce and having a family. This is four times higher than those aged over 35.

Despite this apparent need, under half (45%) of advisers currently off these types of scenario exercises, although a further 27% are planning to introduce these.

Similarly, 23% of people would like advice on how to invest ethically, increasing to a third (32%) among those aged 18-34. However, 41% of IFAs say they haven’t experienced a demand in supporting their clients to invest ethically.

As wants and needs for financial advice evolve, advisers need to be aware of these changes and prepared to adapt accordingly.

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