Clients of financial planning firms are increasingly looking for support with long-term priorities across retirement, estate planning and intergenerational wealth transfer, according to the Financial Planning Growth Index from Saltus Partnership Programme and L.E.K. Consulting.
The research, based on responses from 200 senior leaders at UK financial planning firms, found that retirement planning (31%) and estate planning – including passing on wealth between generations (31%) – are the top priorities for financial planning clients. Third on the list is tax planning and mitigation, such as managing capital gains, which was cited by a quarter (25%) of firms as a core client concern.
Alongside these long-term goals, clients are also increasingly contending with new and often rising costs, with 7% of firms saying their clients are seeking help to deal with increases to private school fees, while a minority (one in 30) are even considering the financial implications of relocating abroad.
Firms investing in technology and experience to meet evolving client needs
The report also found that to meet these increasingly complex and changing client needs, firms are placing a strong emphasis on improving operational efficiency (22%) and enhancing the client experience (20%). These strategic priorities reflect a strong shift toward optimising service delivery and ensuring current and future clients receive a smoother, more personalised experience.
This focus on efficiency and customer experience is closely tied to the sector’s longer-term view on technology. Over the next three to five years, firms expect to see digital transformation, particularly through AI, as a key enabler of meeting client needs. More than a quarter (27%) of firm leaders believe AI will help simplify the advice process itself, while 17% say it will enhance the client experience through improved digital tools like portals and apps, suggesting that investment in technology is not just about internal efficiencies, but is central to how firms plan to deliver better outcomes for clients.
Nick Heath, Head of the Saltus Partnership Programme relationship team, said:
“The financial advice profession is undergoing a major evolution, driven both by client expectations and the possibilities created by new technology. Whether it’s planning for retirement, passing on wealth or managing new financial pressures, clients want high-quality, personalised advice, and they expect a seamless experience when receiving it. Firms are recognising this and are rightly investing in both operational improvements and the technology that can help bring their service to the next level.
“The pace of technological change we are seeing at present presents both challenges and opportunities for firms, and many need additional support to help address both – whether through the implantation of scalable technology, regulatory support or investment in client experience.”
Bronswe Cheung, Partner at L.E.K. Consulting, added: “We are now seeing the impact of baby boomers retiring on outflows across the market, and the fact that intergenerational wealth planning is a top priority for advice firms and their clients reflects this. Firms moving to prioritise organic growth is key to offset these structural outflows.
“In this context, the most successful firms are those that maintain a sharp focus on client needs while embracing the tools and technology that allow them to serve those needs more effectively and at scale. This needs to be complemented with creative ways to bring new, younger clients into advice.”
