Caboodle Managing Director and Zaptitude Co-Founder Peita Diamantidis (pictured below with microphone) launched her new book Finance Action Hero with a call for advisers to change the language they use to communicate with clients.
Pointing to research conducted among Millennials, Diamantidis said younger people felt both overlooked and spoken down to by advisers instead of approached at a level relevant to them.
“What’s interesting about Millennials is, not only do they feel that the financial services industry, I’m talking accountants, advisers, fund managers, banks, insurance companies, all of it, speak in some alien language that they’ll never understand, they also think that unless they have kids and buy a house that we think they are invisible,” Diamantidis said.
“We really need to look at ourselves as educators, but even more importantly, we need to inspire them, we need to motivate them and we need to connect to them,” Diamantidis added.
The launch also hosted the release of a research survey, Investing in Millennials, conducted by Zaptitude among 400 people aged 16 to 36.
The research found that while only 20% had a gender preference when seeking a financial expert 63% preferred to speak with a Gen X adviser compared to 15% for a Baby Boomer adviser.
The research also found that 70% of surveyed group felt there were no financial product and services tailored to their generation but would be interested in financial education programs at school and university and simplified products with defined goals and targets.