New research from Aviva has revealed that the ways in which consumers want to receive advice – and who from – has shifted over the last four years.
The research shows a definitive shift towards consumers stating a gender preference when first engaging with an adviser, compared with a similar survey four years ago. And although men are more likely than women to express a preference, men’s preference is more evenly split between men and women advisers, whereas when women express a preference they are much more likely to ask for a woman.
The survey looked at the views of advised and non-advised consumers to see how they differed and also to understand what could be done to encourage engagement amongst non-advised people. Aviva asked non-advised consumers if they would have a preference regarding the gender of an adviser. Overall, the majority of people did not express any preference. A quarter of people (25%) said they would have a preference, up from 16% in 2021.
This increase has been slightly higher amongst men than women, with 26% of men (vs 23% women) saying they would have a gender preference. However, where women do say they would have a preference, it is much stronger with 83% saying they would prefer a woman adviser. Aviva says this strong expression of preference is "both an opportunity and a challenge for the adviser community" to consider how to address growing engagement amongst women, and a very clear steer on who they want to get advice and support from.
In a possible demonstration of how the industry is already responding, advised consumers were also asked whether they had stated a gender preference when they first engaged with an adviser. Only 23% of advised women said they had specifically asked for a woman adviser, yet 51% of them said their adviser is a woman. This compares with 13% of men who have a woman adviser.
Advised women are also more likely than advised men to feel that the relationship they have with their adviser is bespoke to them and tailored to their needs. 73% of advised women feel that their adviser caters to their individual needs, compared with 67% of men.
There has been a slight increase in the number of people who say they would be happy not meeting face-to-face with their adviser – up from 63% in 2021 to 67% now. This was more marked amongst men, where 75% said this compared with 65% of women.
What may be more critical for advisers to consider going forward, though, is the difference in preferences for digital-only delivery amongst different age groups. This is particularly noticeable in the 35 – 44 year age group, with 84% overall saying they would be happy with a digital-only relationship, up from 73% in 2021.
Lorna Whalley, director of Aviva Adviser Platform, said: “Although our research shows the overall rate of people taking financial advice is down, perceptions have improved, and consumers are becoming more assertive in expressing their preferences about how advice is delivered to them. It’s an opportunity for us to think creatively about how we engage with this increasing enthusiasm for advice, and the ways in which we can make it more accessible for all. We have also been given a clear steer about how younger consumers are driving the digital agenda, which is important insight as we look at how to best we serve clients’ needs.”
