Apps, AI, and accessibility: Engaging the next gen of advisers
The wealth transfer is accelerating in Australia. That puts pressure on firms to win two battles at once: keep next-gen clients and keep the next-gen advisers who will serve them.
Here's the hard truth: younger clients will switch if the experience feels dated. Younger advisers will leave if the tools slow them down. Recent industry commentary backs this up, with one in three advisers dissatisfied with their firm's digital capabilities-citing manual processes, higher error rates, and poor digital engagement as the root cause.
Why this matters now
Firms that lag on mobile, data access, and AI are already losing relevance. Clients expect to interact, review, and act from their phone. Advisers expect the same on the back end.
If your tech stack blocks real-time insight, delays responses, or forces paper workflows, you're signaling to both groups that it's time to look elsewhere.
What younger advisers expect
"Their technology savviness is really different and there is a strong expectation they will have all the information at their fingertips," said Kristen Bell, president of Focus Partners Australia. "Any firm that is not embracing digital platforms and the ability to pick up your phone and see how your portfolio is tracking will be left behind."
Flexibility is now a baseline. "Your flexibility in the workplace is absolutely necessary, creating those digital means for people to be able to work anywhere at any time is really important," she added. The mandate is clear: apps, AI, accessibility.
Pair talent with the right clients
From private wealth, Ben James, CEO of Escala Partners, put it plainly: "It's 100 per cent a conscious decision we've taken to have younger advisers talking to the younger clients."
His team is moving client relationships and responsibility earlier in careers. "We're transitioning business to the next generation because we want to give them a career path and we want to train them up and introduce them to clients early."
The retention math you can't ignore
Global data underscores the risk. Advisers report they retain relationships about 72% of the time when a spouse inherits. That drops to roughly 50% when children inherit. One-third say they've lost significant assets through generational attrition.
Management playbook: your next 90 days
- Audit the client and adviser journey. Map every manual step. Kill wet signatures, duplicate data entry, and email-based approvals.
- Ship a secure mobile client portal with portfolio tracking, messaging, document vault, and e-sign.
- Deploy AI assistants for note-taking, summaries, model portfolio comparisons, and first-draft SOAs-paired with clear compliance guardrails.
- Standardize digital channels: chat, video, and SMS with recorded consent and CRM logging.
- Create a structured "younger-to-younger" pairing program. Hand over appropriate next-gen households now, not later.
- Stand up a weekly enablement rhythm: tool coaching, playbooks, and live role-plays.
- Set KPIs that prove impact (see below) and review them in your leadership meeting.
Build a modern advice stack
- CRM and workflow: unified records, tasks, and approvals-no spreadsheets.
- Client app/portal: balances, performance, reports, secure messaging, and e-sign.
- Portfolio analytics: allocations, risk, tax views, rebalancing, and alerts.
- Document automation: templates for SOAs/ROAs, templated email, branded reports.
- AI copilot: meeting notes, compliance summaries, content drafting, and knowledge search with auditable logs.
- Communication: compliant chat, video, and SMS integrated to the CRM.
- Data layer: clean integrations, identity management, and permissions by role.
Upskill your team on AI
Tooling without training won't move the needle. Build skills in prompt fluency, compliance-aware usage, and process automation. If you need structured programs for financial teams, explore practical resources here:
Metrics that matter
- Digital adoption: percent of clients using the portal/app monthly; logins per household.
- Time-to-advice: initial proposal turnaround; SOA drafting time; approval cycle time.
- Error rate: document rework, NIGO forms, compliance findings per case.
- Engagement: meeting show rates, response times, and message resolution time.
- Retention: spouse and heir retention rates; assets retained after inheritance.
- Adviser outcomes: retention of advisers under 35; productivity per adviser; revenue per next-gen household.
Bottom line
Younger clients want access and speed. Younger advisers want autonomy and modern tools. Give both groups a mobile-first experience, AI-enabled workflows, and early responsibility-and you'll keep the relationships and the talent that secure the next decade of growth.
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