On November 29th 2023, members of the MPA team, Joe McGovern, Ellie Pemberton, Jenny Hall,  Aman Matharu, and Timon White convened at the PMX Young Adviser Roundtable meeting in London.

The focus of the discussions centred on the financial challenges faced by today’s youth, addressing issues such as:

  • According to a Progeny Survey, 41% of 18–34-year-olds required advice the most but received the least from advisers.
  • General lack of awareness about the roles and functions of Financial Advisers among the public.
  • Younger clients may lack substantial assets but possess the time to accumulate wealth through compounding.
  • Inadequacy of the current education system in providing fundamental financial education, including concepts of for example debt, loans, and pensions.
  • Difficulty in the intergenerational connection between younger clients and older advisers, with only 6% of UK advisers being under the age of 30.
  • The pressing issue of shielding younger clients from unqualified and unregulated advice on social media (Finfluencers), where 37% of scams in 2021 were investment related.
  • The importance of engaging with younger clients through social media and online platforms, where they often seek financial advice.

During the meeting, Joe McGovern,  Head of Advice at MPA Financial Management, shared his insights into what MPA Financial Management is already doing to address these challenges:

  • Awareness:
    • Encouraging clients to involve their children and grandchildren in generational financial planning.
    • Regularly publishing news articles and blogs discussing relevant finance topics.
  • Financial Education:
    • Participation in the Education Champions program with CII, wherein advisers visit schools to educate students on financial topics. We are in partnerships with Schools – Henley in Arden and Universities – Coventry.
  • Technology:
    • Utilising technology to enhance the client’s journey, making it more user-friendly and interactive.
  • Young Advisory Team:
    • Recognising the importance of succession planning in today’s world, with the average age of an adviser being 59, we are always looking to increase our group of young advisers here at MPA Financial Management and establishing a Young Advisers Academy to cultivate the next generation of advisers.

This meeting has given more questions than answers and has spurred discussions on addressing these challenges further, and we, at MPA and SWP, are committed to finding innovative solutions to support and guide younger individuals in their financial journeys.

If you find that your circumstances align with the situations mentioned above, don’t hesitate to get in touch.