2018/19 RESEARCH REPORT SUMMARY

35% of first time buyers now relying on financial support from friends or family to fund a property purchase
Millennials have greater need for short term investing (up to 2-3 years) and demonstrate a need for immediate financial satisfactions as in holidays, mortgage deposits, cars , etc.
First generation (e.g. parents) have a greater need for financial planning, such as the intergenerational wealth transfer services.
Products are becoming more commoditised, and financial service providers should evolve propositions towards a goals-based financial planning model.

57% of high income global consumers now buy/boycott brands due to their social/political positions – a proportion that has grown by 30% over the past three years.
Over 50% of respondents in this survey identify themselves as ‘belief-driven buyers’. These buyers have reported both being attracted to buy from a brand for the first time because of its social/political position, and greater loyalty to such brands.
When we compared the findings between males and females irrespective of whether an individual works in financial services, our findings showed that males were 20% more likely to consider using a non-traditional provider, comparatively 70% of females would not consider this whilst 30% would. Given our findings found no gender bias over control of f inances, there must be other factors causing this discrepancy.
Respondents noted that an association with a “celebrity” was one of the greatest attributes to put someone off a brand (72% of the sample surveyed), whereas only 7% of the respondents find association with respected financial industry figures to be off-putting.

87% of respondents are happy to use an online tool for self-research whilst making a financial decision, but expect interaction with a financial expert or adviser before making milestone decisions, e.g. a house purchase or stock investment.
Online reviews and size of firm are least important to decision making, suggesting that established or reputable firms with accessible online presence will most appeal to Millennials.
60% of respondents are willing to consent an exchange of their financial data between financial institutions to be able to enjoy highly personalised products and services.
Males appeared to be more likely to change financial affairs when moving jobs but females more so when family circumstances change; firms could capitalise on this and make personalised offerings / bespoke solutions available and appropriate.
Brand association still has an important role to play, but word of mouth and social networks also have power when clients are looking at firms.

Many Millennials still believe that a good university degree and professional qualifications are vital to success in the workplace
80% of respondents stated that Millennials look for a mixture of talent and experience when choosing to work with a wealth manager.
Working from home / flexible working was marginally favourable with many commenting that the future will be able to offer local and home working stations in addition to the usual office environment.
Many felt that innovative conferencing would enable individuals to interact regularly from different locations, allowing total flexibility in the future.

2018/19 Research Summary