Engaging the Next Generation

It was important to join somewhere where I could see the impact they’re making. Many my age share a slightly pessimistic outlook, and it’s warranted. Despite our efforts, saving can feel like a luxury and homeownership increasingly out of reach.

Approximately £7 trillion is set to pass between generations in the UK by 2050, a phenomenon being called “the great wealth transfer.” Statistically, 69.7% of UK household wealth is held by individuals aged 55 and over, while my generation have been navigating a vastly different economic environment to what the youth once had. Higher living costs, employment uncertainty, and a housing market that has delayed financial stability for many, let alone the concept of planning. Though our circumstances differ, our underlying goals haven’t changed; owning a home, achieving financial security, and building confidence in our future.

What’s encouraging with Colmore Partners, is that this generational divide isn’t lost on them. While I’m aware this mindset isn’t universal across the corporate world, there’s real optimism in working somewhere that actively thinks about the next generation and the challenges we face.

At Colmore Partners, we serve clients of a range of ages and professions. Our median client age is 54, which is lower than the national average, but this statistic leaves an important opportunity in ensuring our financial planning extends to your children and the wider family.

Our role is to guarantee you and your loved ones feel secure with their finances. Since joining, I’ve witnessed firsthand how we’re supporting my generation through this period of transition.

A Diverse Team with Varied Experience

One of our core values is developing young talent and providing the support and opportunities needed for career progression. Our team reflects this, from planners just starting their careers to seasoned industry professionals. Research by Financial Times Adviser (2024) highlighted a significant gap with roughly 23,600 advisers aged 40 and over, compared to just 7,574 below that age. We’ve intentionally built a balanced team that can connect across generations and bring fresh perspectives alongside established expertise.

 Meeting Clients Where They Are

Today’s world is increasingly digital, and that’s unlikely to change. Whether for our current clients or my generation, meeting people where they are matters more than ever. There’s clear demand for accessible financial guidance across digital channels – 7.7 million UK consumers follow financial advice on social media, which speaks to the breadth of this demand. Quality varies significantly across these platforms, so we’re committed to publishing factual content through articles, guides, podcasts, and social media. Our aim is to be a trusted voice when and where our clients and their families are seeking information.

Blending Digital Access with Personal Connection

Digital tools offer real convenience, yet there’s genuine value in direct human interaction. Our approach isn’t about replacing personal service with technology but blending both. Alongside tools like our Wealth Platform, we continue to prioritise face-to-face conversations on matters that deserve it. There’s no one-size-fits-all approach, my generation doesn’t want everything online. That’s why we encourage bringing your children into meetings when you’re comfortable doing so. These conversations, where they see you engaging with your financial planning, can be invaluable.

Starting the Conversation Now

Though this wealth transfer may unfold over decades, it’s already underway. Rather than deferring difficult conversations about inheritance and succession, there are real benefits to involving younger family members now. When they actively participate in financial planning, rather than passively inheriting assets later, there’s opportunity to gain understanding and confidence in shaping their own financial future.

Engaging this generation is a priority for us, and we’d welcome the opportunity to discuss how we can better support your family’s transition. Please do get in touch with any thoughts, questions, or suggestions on how we could improve our approach.

Colmore Partners is an Appointed Representative of Best Practice IFA Group Limited which is authorised and regulated by the Financial Conduct Authority, the registration number is 223112.

This article does not constitute tax, legal or financial advice and should not be relied upon as such. Tax treatment depends on the individual circumstances of each client and may be subject to change in the future. For guidance, seek professional advice.

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