Our CEO Roger on meeting Gen Z’s advice needs

Foster Denovo’s CEO, Roger Brosch shares his latest insights in Professional Adviser on why even Gen Z still value the personal touch of financial advice.

Towards the end of last year, the Association of Mortgage Intermediaries (AMI) published its annual insight into the UK protection market, which revealed a generational divide in attitudes towards protection.

If you’ve already read Making Protection Personal, and if you’re similar in age to me, then I’m pretty sure these findings will have prompted a trip down the regulator’s memory lane by way of an explanation, in part at least, for why such a chasm exists.

The AMI research showed that there is a growing appetite for protection amongst younger people, in that 65% of Gen Z and 70% of Millennials see income protection as important, compared to 39% and 48% for Baby Boomers and Generation X respectively.

When it comes to life assurance that jumps to 75% and 76% respectively for Gen Z and Millennials, against 55% and 62% for Boomers and Gen X.

But what was really telling were the verbatim commentaries on how these different cohorts view advisers who recommend protection. 

“Getting the hard sell over a financial product and not being sure if it is because it is the right product for me or if the chap is being paid to promote it,” was the view of one 63-year-old respondent.

Contrast that with this from a 30-year-old: “Someone offering their educated and informed opinions on what products I should be taking out because this is my experience of seeing it in action.”

Read the full article on Professional Adviser here.