The New Adviser

The times they are a-changin’. According to a survey commissioned by Forbes Advisor and conducted by market research company Prolific, 79% of millennial or Gen Z Americans have received financial advice from social media. Seriously. At the same time, Regulatory Authority (FINRA) data shows a steady decline in the number of Registered Representatives and Member Firms over the last decade.

Mmm. What to do?

This report is for those interested in, and responsible for, communicating about investments. In it we explore what’s going on in the advice marketplace, and the worrying phenomenon of the younger generations’ faith in often unregulated, socially-led financial advice.

Then we turn the tables, to look at some great examples of how to reach this audience well on social platforms, in particular TikTok, YouTube and Instagram. Creating a hypothetical and deliberately cutting-edge persona of the new adviser, we go on to define the secret sauce of success, by defining the Top Ten Tactics for the New Adviser.

As a specialist financial services focused agency, we know that despite 66% of Americans believing that their financial planning needs improvement, only 35% of adults actively receive financial advice from an adviser. Advisers need to find new ways to ensure consumers get the help that they want, at a time that they need it and at a cost that is affordable

We take the responsibility of transforming the world of finance, including the adviser and investor, for the better.

Here’s our latest thinking on 'The New Adviser'.