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Defining Wealth For A New Generation

By Theo Paraskevopoulos, CEO and Founder of wealth tech startup, Invessed

Between the rising cost of living, inflationary pressures, and ongoing uncertainty in the broader economy, individuals across the UK have reason to be increasingly concerned about their financial well-being and how they manage assets and wealth. In challenging times, the value of professional support can be greater than ever, helping individuals navigate financial turbulence with greater insights. However, recent research shows that a growing number of young Brits are missing out on this value.

According to the “Defining Wealth for a New Generation” survey, run by Invessed, in partnership with YouGov, 56% of young investors currently avoid professional advice due to high fees and outdated approaches. The figures highlight the significant opportunity for asset and wealth managers to engage younger investors more effectively. Right now, high fees, opaque language and outdated services are pushing younger investors away from professional support. The result is damaging to the wealth management sector and must be addressed.


Before the wealth management sector can look to meet the needs of younger investors, it must first understand the causes of their reluctance. As things stand, younger investors in the UK do not consider building and managing wealth a priority. More broadly, 42% of respondents say they are not comfortable with basic investing principles. Limited financial literacy, low savings or investment habits, and infrequent monitoring of investments are also highlighted concerns. All of this underscores the urgent need for change.

Invessed’s recent survey also found that 51% of respondents feel they lack control over their finances, indicating a financial literacy and engagement gap. Additionally, 47% of participants saved little to no income, indicating poor financial habits and future preparation. Ahead of a predicted wealth transfer of $84 trillion between baby boomers and younger generations in the coming years, wealth managers need to consider their offering to keep this future client base engaged.

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Younger investors have become accustomed to intuitive, transparent, and responsive digital solutions to manage their finances. By contrast, many wealth management solutions put less emphasis on the user experience and, as a result, produce apps and portals that fail to align with the modern expectations of younger investors. Solutions in the sector also tend to overload clients with data, placing little emphasis on providing the tools needed to analyse, understand, and leverage insights from this data.

In light of the research, there’s a clear need to provide more effective, experience-driven apps and portals across the wealth management sector, particularly if the field wants to engage younger investors more effectively. Here, the wealth management sector can draw inspiration from the digital transformations seen in other areas of the financial ecosystem. Much like the advancements in banking and insurance, there is now considerable potential for wealth management firms to integrate digital platforms more effectively into their services.


Wealth management companies must focus on developing platforms with intuitive, user-friendly interfaces to capitalise on this opportunity. Combined with powerful analytics and personalised insights, these are more likely to appeal to attract and retain younger clients. The sector can learn from the success of fintech companies, which have excelled in using design thinking to create user-centric financial solutions.

By merging the strengths of human advisors with the efficiency of digital tools, the wealth management sector can better meet the needs of younger demographics. This approach will make wealth management services more accessible and help to demystify them for younger clients. It also allows firms to harness modern technologies, such as data analytics and artificial intelligence, to personalise financial advice further.

Finally, as part of this shift, the sector would be advised to provide clearer communication about fees, services, and the value they deliver to investors. Younger investors appreciate transparency and want to understand what they are paying for. Detailed insights into performance metrics and outcomes can build trust and demonstrate value, all of which can be displayed through a user-friendly digital interface.


“The Defining Wealth for a New Generation” survey data shows that Financial Advisors, Planners, and Wealth Managers must simplify their language, build financial literacy, encourage good financial habits, and illustrate long-term benefits to engage younger investors more effectively. The sector can achieve this goal by adopting a digital-first approach with modern and intuitive client apps, along with advisory and coaching services, and reducing entry barriers through transparent fees and straightforward onboarding processes.

By adapting its practices to the evolving needs of younger investors, the wealth management sector can ensure its long-term viability and position itself optimally to guide these investors as they mature. In doing so, a new generation of wealth and assets can benefit from the value of professional support.

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