The cost-of-living crisis is pushing more under 50s towards taking professional financial advice, according to IFA firm Continuum.
The crisis has not only made younger generations more conscious of the state of their finances, but has also seen more older clients of the Continuum partnership looking to include members of their family in their financial planning as they look to help out younger generations.
Over the past year, Continuum has seen many clients coming to the firm through older generations of their family.
The national IFA partnership now has over 63% of its client base under the age of 60. Currently one-in-five of Continuum’s clients are under the age of 50.
Martin Brown, managing partner at Continuum, said: “The coronavirus pandemic left clients more open to including family in meetings with their Continuum adviser. This trend has only been exacerbated by the cost-of-living crisis, with older generations often looking to help members of their family where they can. As a result, we have seen many younger family members become clients in their own right.
“At Continuum, we strongly believe that financial advice is for everyone, and to make this a reality, it is vital for the financial advice industry to address the advice gap. Financial advice should not just be for older, wealthier clients. But to achieve this the advice industry not only needs to attract more talent, but this talent needs to be representative of the clients they seek to work with.”
In 2022, UK wealth giant M&G agreed to buy Plymouth-headquartered IFA business Continuum Financial Services for an undisclosed sum.