Younger Financial Advisers Attract Younger Clients

BBC Match of the Day pundit Alan Hansen famously said: “You can’t win anything with kids.” The former Liverpool defender was criticising manager Alex Ferguson for fielding a young Manchester United side in August 1995.

That comment went down in football folklore as the team with an average age of 26 went on to clinch the league and FA Cup double that season.

Evidence suggests that independent financial adviser practices should take heed of that story. It appears that young clients prefer to work with young financial advisers. If you have a good young ‘un, hold on to him or her.

A survey by estate administration specialists Kings Court Trust revealed that less than 5% of the clients of financial advisers are aged under 24. That figure rises to 13% for those aged under 34. About 60% of independent financial advisers are aged 50 or over and only 11% are under 40.

Interestingly, the survey discovered that practices with a higher percentage of young clients also have a higher percentage of young financial advisers.

It should be noted, in Hansen’s defence, that experienced players Peter Schmeichel, Steve Bruce, Gary Pallister and Eric Cantona made up the spine of that Manchester United side. What is it they say about a mix of youth and experience?