How smaller clients can help you future-proof your business

By AdviceBridge

Ever since the Retail Distribution Review came into effect at the end of 2012, financial planners and advisers have been shifting their focus towards higher wealth, higher margin clients.

According to Schroder’s latest financial adviser survey, 59% of advisers said their average client size was greater than £200,000, and for 26% of advisers, this rose to £300,000. The survey also found 25% of advisers reported that the average age of their clients was greater than 65.

Many financial planners are stuck in a difficult position. They want to help all their clients reach their financial goals, yet when it comes to smaller clients this often proves uneconomical.

Now, technology is being created that helps financial planners service their smaller clients profitably. As well as ensuring more clients reach their retirement goals, this technology could help financial planners future-proof their business. Here’s how.

Smaller clients could be your clients of the future

Although your smaller clients might not seem like a profitable target now, it’s worth bearing in mind this could change in a few decades’ time. After all, two to three decades ago, the baby boomer generation were your clients of the future.

According to research by Brooks Macdonald, approximately £372 billion of wealth is set to be passed from baby boomers to 300,000 potential clients over the next decade.

To future-proof your business, it’s vital that you find a way of holding on to your clients of tomorrow.

Clients are more likely to reach out if you look after their needs today

By providing your smaller clients with a financial advice service today, they’ll be far more likely to reach out to you if they need additional help in the future.

These smaller clients might need advice on complex decisions such as accessing their pension, consolidating their pension pots, or buying an annuity or lifetime mortgage. They’ll be looking for someone they know and trust to help them manage this money.

This person could be you – but only if you’ve looked after their needs over the preceding years.

Reconnecting could open up advice opportunities

By reconnecting with your smaller, legacy clients, it could open up advice opportunities. These clients might have an advice need right now, especially if their circumstances have changed since your initial meeting.

So, by focusing on the clients you already have, you could grow your firm’s revenue without the headache of trying to acquire new clients.

Technology makes servicing smaller clients economical

Providing advice to every client sounds good in theory, but how do you do this in a way that’s economically viable?

The answer lies in technology. By integrating technology into your business, you can service the needs of smaller clients while still providing a full face-to-face financial planning service to wealthy clients.

AdviceBridge’s retirement planning app is an example of the type of technology that financial planners can use to look after the needs of smaller clients. AdviceBridge offers fully automated digital retirement advice and guidance, which makes financial planning accessible and affordable.

Powered by proprietary SmartAdvice technology, AdviceBridge offers a complete, end-to-end solution – from onboarding a client, to designing a financial plan, to providing ongoing monitoring and alerts.

The app enables you to deliver personalised financial advice profitably to all of your clients, thereby helping to future-proof your business.

Get in touch

To find out how AdviceBridge can help you future-proof your business, please get in touch. Email or call us on 020 3925 3850. You can also visit our website at to book a quick demo with our friendly team.