Millennials' love of smartphones is challenge for financial advisers
The UK millennial generation’s love of technology such as smartphones is causing problems for financial advisers, as 46% of those aged 18 to 35 surveyed by asset manager Legg Mason wished to do all their financial planning on their mobiles rather than face to face. This attitude is global, with 47% of all millennials looking to complete financial transactions on their smartphone. Providers are having to think creatively to accommodate this desire, offering a “quasi-solution” of giving the option to speak to an adviser as well as offering technology-based solutions. Legg Mason interviewed 15,300 respondents from 17 markets around the world.
The group's 2017 Global Investment Survey found almost half (46%) of UK millennials - those aged 18 to 35 - were keen to use their smartphone to do all their financial planning. This was the highest proportion across Europe while, in contrast, just 13% of UK baby-boomers - those aged 53 to 71 - said they would feel comfortable with such an approach. This view is mirrored globally, with nearly half (47%) of millennials happy to do all their planning on their mobiles, versus just a fifth (22%) of baby-boomers. The research is in keeping with findings from Dunstan Thomas earlier in th...