How can advisers meet the expectations of today’s young people?

Our ‘In Focus’ campaign this month explores how younger generations are reshaping the advice landscape, from where they turn for financial guidance to the expectations, priorities and behaviours advisers need to understand.

Younger generations are keen to better understand and improve their personal financial circumstances. Here, Anthony Carty Managing Director at Clifton Wealth Partnership discusses how advisers can better meet the expectations and priorities of millennials and Gen Z.

It’s easy to assume that young people simply want less advice these days, but that’s not how we see it. The real shift is that the type of advice they are looking for needs to be more accessible and collaborative.

Among millennials and Gen Z, demand for advice exists, but the places they go to seek it are more varied than with other generations.  While plenty of young people speak to advisers in the traditional way, others are turning to apps, online platforms and social media to fill gaps in their understanding.

There are a number of reasons young people look to a broader range of places for guidance. These digital-native generations are familiar with accessing information via short videos, podcasts, online communities and comparison tools. Some of it is useful, and some isn’t. Yet it’s easy to find and consume, so it’s part of their decision-making process.

Then, there’s the cost of advice. As is the case throughout generations, cost can seem prohibitive. FCA data found more than two-thirds (68%) of UK adults would pay for advice if they deemed the cost to be reasonable (though 37% admit to not understanding what advice costs). For young people, who typically have less money to invest or choose to spend on other activities, finding a cheaper alternative to traditional advice may seem attractive.

However, none of this points to a rejection of advice. Reassuringly, research carried out by US organisation the CFA Institute suggested that more than 90% of Gen Z and millennial investors are engaging with some form of paid-for advice, including using traditional and robo advisers, as well as accountants and lawyers. It does, however, point to a change in desire for how advice is accessed, understood and valued. Young clients do not want a watered-down version of advice; they want advice that is easier to understand, clearer on cost, value and the next steps that are right for them.

So, what might this look like? Delivering advice now sits across both digital and in-person channels, and the balance between them is becoming more deliberate. Technology removes friction, making it easier to book meetings, share documents and stay in touch. It also supports more frequent interaction, which younger clients increasingly expect. At the same time, the core value of in-person advice remains rooted in judgement, context and reassurance.

Rather than reduce the importance of personal relationships, the shift towards digital changes how those relationships are built and maintained.

Younger investors expect regular, technology-enabled communication – nearly 70% of Gen Z and millennial investors who use a paid-for financial professional interact with them at least monthly, according to the CFA Institute. FCA data, meanwhile, found some 61% of advised adults still received face-to-face advice in 2024, though many reported that their adviser had started offering video meetings, up from just 13% in 2020.

The strategic answer is relatively clear: for younger clients familiar with technology, a hybrid approach is best. Regular digital contact creates familiarity and keeps the adviser present in the client’s financial life. Then, when more complex or sensitive decisions arise, the relationship is already established. Communication, empathy and adaptability remain central to building trust over time, and they shape whether advice is acted upon.

For advisers, this means thinking carefully about where their time is spent. Routine processes can be handled efficiently through digital tools; onboarding, data gathering and ongoing updates can all be streamlined. Human interaction is then focused on interpretation, explanation and behavioural guidance. This is very much reflected in our approach at Clifton, where we aim to strike a balance of using technology where it helps but always maintaining in-person advice and support when it really matters.

The rise of so-called ‘finfluencers’ adds a layer of complexity to interacting with Gen Z and millennials, who are more exposed to short-form financial content. Finfluencers can simplify complex topics and make them feel accessible, which helps draw people into financial conversations earlier than before. However, they rarely operate within the same regulatory framework as advisers, and that creates risk.

Oversimplification is the most immediate risk when complex decisions are presented as quick wins and important nuances are lost. There is also the risk of bias – content may be shaped by sponsorship or by the need to generate engagement rather than deliver balanced guidance. Then, there is the absence of personal context; generic content cannot account for individual circumstances, yet it can still influence behaviour.

This is where regulated advice has an opportunity to reposition itself. Advisers can help clients interpret content they see online. Rather than competing for attention in the same way, firms can act as a credible filter, helping clients distinguish between useful information and noise. Content produced by advice firms needs to educate and show a clear pathway into regulated support when decisions become more complex.

For firms like Clifton, this points towards a layered approach. Educational content sits at the entry point, building an understanding and establishes credibility. Targeted or simplified support can then address more immediate needs, particularly where assets are still growing. Full regulated advice remains essential when decisions carry greater weight or complexity.

Young people are engaging with advice in different ways and across different channels. They expect accessibility, transparency and relevance, and they are willing to seek those qualities elsewhere if they are not present. For advisers, the task is to meet those expectations without losing the depth and rigour that define the profession.

By Anthony Carty, Managing Director, Clifton Wealth Partnership