UK financial advisers are struggling to communicate with a generation that demands "instant gratification", Benchmark managing director Tim Sargisson has said.
Speaking to Professional Adviser, he said: "Numbers are meaningless to this generation. Advisers are faced with the challenge of helping their clients plan retirement because that word is not even in their vocabulary."
Sargisson has served in the financial services industry for over 30 years and said one of the biggest changes is the declining access to advice.
He expressed his concerns for the lack of knowledge on obtaining advice.
"There are lots of opportunities to spend money gambling, with bookmakers on every high street, but when it comes to accessing proper advice, people have no idea where to go," he said.
"People are much less likely to invest for the future because they want that instant hit. I find it extraordinary that people spend £2 a week on lottery tickets without a care but will not invest in a savings plan."
Beyond the challenges of communication, Sargisson also underscored the impact of stagnant earnings on the advice profession. He explained that flatlined earnings means advisers are faced with the task of encouraging clients to grow their business.
Furthermore, Sargisson said younger savers in need of financial advice are facing more pertinent challenges than older generations. Paying off student debt, for example, is impacting on the next generation taking steps that call for an introduction to advice, such as purchasing property.
"We birthed this generation with a whole heap of debt, and it is a cause for concern for the advice profession," Sargisson said.
Sargisson joined Benchmark as the new managing director of financial planning earlier this year (26 June), replacing Peter O'Sullivan who retired after 36 years in the financial services industry.
Sargisson spent the last six years of his career at Schroders and is the former chief executive of national IFA Sandringham Financial Partners.
