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June 24, 2019

Advisors will benefit from providing early financial education for the next generation

By GlobalData Financial

Financial education should not only be directed at wealth managers’ high net worth clients, but at their children as well. Involving the next generation through such education is one of the most successful targeting tools, says GlobalData.

The UK’s 2019 Private Banker International Conference covered the importance of financially educating clients to make the best investment decisions. One of the conference’s key takeaways was that in order to continue managing a family’s wealth, providing children with financial education early on will be mutually beneficial.

According to GlobalData’s 2018 Global Wealth Managers Survey, almost a quarter of wealth managers rate financial education as the most successful way to target future heirs, making this the second most important means of targeting after relationship building in adolescence.

Equipping future and current clients with the financial wisdom to make the best investment decisions is important. Trust is built and developed when clients put into practice what they have been taught and achieve their desired outcomes. Gaining such trust from clients will lead to longevity and growth of assets under management, so the earlier that wealth managers can start providing education, the better.

Wealth managers who choose to financially educate the next generation are more likely to secure longevity, as portfolios will see greater returns and, at the end of the day, good financial returns are the most successful retention tool.

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