Participating in advice

Participation in advice begins when people stop wondering whether advice is for someone else and start believing it is for them.

Our interviews found clients want advisers to understand their lives before discussing financial products. The money conversation only makes sense in the context of what people are trying to achieve.

Women in our research describe wanting conversations that begin with life rather than products. This isn’t just a female preference. It reflects a broader shift in what people want from advice and advisers recognise it: discovery meetings today are more about, “let’s get to know each other”, not bringing along the spreadsheet.

But the transition is far from complete.

Almost half of advised clients do not fully agree that the advice they receive reflects their personal goals and priorities and female clients are less likely than male clients to feel known as an individual, rather than primarily as one half of a couple.

Question: To what extent do you agree with the following statements? (% strongly + slightly)

Through fact-finding and discovery meetings, advisers can know a great deal about their clients – their assets, pension values, tax position and objectives.

Participation really grows when clients feel known.

One of our strongest research findings is that many people believe participation in advice requires expertise.

They assume they should understand pensions and investments before speaking to an adviser and have the right numbers at their fingertips before an initial meeting. If they don’t, they’re reluctant to participate at all.

Women describe this particularly frequently, but many consumers carry an underlying belief that they should know more before they ask for help.

The financial advice profession has talked extensively about improving financial education, financial literacy and financial confidence. These are important and useful goals. But they also might unintentionally reinforce a quiet assumption that many consumers hold: that financial advice is something you need to prepare for.

The result is that questions remain unasked, and the participation is performative rather than genuine.

There is no single right way to participate in advice.

The research reveals distinct preferences in how clients want to participate in advice, and people move between them as life changes. A delegator may become a learner after a bereavement. A passenger may become the primary decision-maker overnight.

How do these show up in your client book – and when?

The responsibility doesn’t sit solely with clients to know more, ask more or become more confident. It sits with advisers to design conversations that reduce the need for prior knowledge, and make it easier for every client to participate in a way that works for them.

What looks like a lack of interest might simply be a lack of connection between financial advice and what matters most to that person.

Many households have one financial plan.

Not everyone feels equally involved in creating it.

One of the clearest participation gaps uncovered in this research exists not between advised and non-advised consumers, but within existing client relationships.

This is often the woman, but not always:

The challenge for advisers is identifying where this dynamic exists and addressing it can be complicated.

Our adviser survey data show that just over half (55%) say their primary contact is jointly the female and male partner, in roughly equal proportion. In over a quarter of cases, the male is the primary named partner in the relationship, and the female is the lead party in just 3% of advised couples.

Being present isn’t the same as being heard, though actively choosing to delegate is also a valid choice.

Question: Are your financial advice annual review meetings attended by both you and your partner?

Women control a growing share of wealth and assets are on the move between spouses and generations.

April 2027’s changes to inheritance tax on unused pensions will bring many families into estate planning conversations for the first time.

In many cases, the person ultimately making decisions about inherited wealth may not be the person who has historically led in conversations with the adviser.

Aside from the spouses, beneficiaries can also be passengers in the advice relationship, and it will often be adult children who receive a large inheritance tax bill and potentially an income tax one on top. Just over a quarter (26%) of consumers say their adult children are not involved at all in financial planning or meetings.

Participation is commercially valuable. Clients who feel understood are more likely to consolidate assets with the firm, follow recommendations and become advocates. Firms that recognise different participation styles, and design conversations accordingly, will help more existing and potential clients participate confidently. One of the largest growth opportunities in advice may already exist within firms’ existing client banks.

What happens when the quieter voice suddenly becomes the only voice?

• Spending longer understanding life before discussing products. 37% of advisers say time saved through AI has been reinvested into time with existing clients.
• Removing the need for confidence before participation: “If this isn’t making sense, that’s my job, not yours.” “Some clients like the detail; others prefer the headlines; what works best for you?”
• Making switching adviser within the firm easy and normal, so every client finds someone who ‘speaks their language’.
• Coaching advisers in soft skills: over half of advisers work for firms providing this formally or informally.
• Scheduling reviews with both partners by default and holding deliberate one-to-one conversations with each: “Pick up the phone. Say, ‘I don’t think I’ve heard your opinion on the financial plan.’”
• Identifying household passengers before major life events force engagement.