The pandemic has made younger generations aware of the benefits of financial planning, according to Continuum

The coronavirus pandemic has helped increase awareness of the benefits of financial planning among younger generations, according to the National IFA Continuum.

The IFA has found that the pandemic has left clients more open to including family members in the estate planning process. As a result, more Continuum clients are now tailoring their estate planning to the individual needs of younger generations of their family with the help of their advisor.

Not only does this help facilitate the process of intergenerational wealth transfer, but it also makes the younger generation more likely to engage with financial planning and with what Continuum has to offer them.

Over the past two years, Continuum has seen many new clients come to the firm through older generations of their families.

Martin Brown, Managing Partner at Continuum, said, “For many years we have encouraged our clients to include younger generations of their families in meetings to discuss estate planning and intergenerational wealth transfer. However, over the past two years, we have seen a noticeable increase in the number of clients, including their families, meeting with their Continuum Advisor.

“The coronavirus pandemic has left clients thinking about their vulnerability and perhaps also a little more open to discussing estate planning with their family.”

One consequence of the growing involvement of younger family members in estate planning is that Continuum has seen many of them become clients in their own right.

The national IFA now has more than 64% of its clientele under the age of 60. More than one in five Continuum customers are under the age of 40.

Along with intergenerational wealth transfer, Continuum’s success in engaging younger generations can be partly attributed to a strong investment in digital marketing and financial education.

Over the past two years, Continuum has invested heavily in its infrastructure, including marketing, capitalizing on the company’s reputation for high quality advice.

Simon Reeve, Chief Operating Officer at Continuum, said: “During the pandemic, we have also really stepped up our digital marketing efforts with a plethora of regular content based on news, financial education and broader wellbeing. . We have also extended our wellness and brand loyalty programs to our customers.

“Customers really appreciated that we went the extra mile to support them, by sharing our digital marketing efforts at scale and providing us with fantastic reviews.

“The Partnership sees growing brand awareness as a significant future growth driver, so the help our existing customers provide us in this area is invaluable.”

In 2021, Continuum launched a new website to support its growing digital marketing plans.

The year saw a 55% year-over-year increase in website audience. There was a 15% increase in new visitors to the site, with the rest of the traffic coming from existing customers regularly engaging with Continuum online.

IFA’s engagement on social media has also increased impressively. In 2021, Continuum saw a 25% increase in LinkedIn followers and a 15% increase in social media traffic on Twitter and Facebook.

Investing in digital marketing alone is not enough to appeal to the younger generation.

Continuum found that younger customers are likely to engage with IFA due to referrals from friends, family, and online reviews showing high levels of customer satisfaction.

Customer satisfaction is at the heart of Continuum. The company’s latest Net Promoter Score of over 98 demonstrates the results of this philosophy.

Continuum has also seen high engagement rates from its younger customers through its financial education content and wellness programs. The firm’s digital newsletter, sent to more than 5,800 clients, now has an average open rate of 35% (well above the industry average) and is often shared by clients with younger family members.

By leveraging its impressive levels of customer satisfaction and offering a wide range of financial education opportunities as part of its marketing strategy, the company has seen remarkable engagement and conversion rates.

The success of the strategy was reflected in Continuum’s 2021 financial results.

National company IFA recorded a 40% (year-on-year) increase in annual revenue to £10.51m for the year ending December 31, 2021.

Assets under influence continued to grow throughout the year. Assets at December 31, 2021 were £1.49 billion, a 30% year-on-year increase.

Current recurring revenue also increased 39% year-over-year.

Martin Brown, Managing Partner at Continuum, added, “Engaging with the next generation and educating them on the benefits of financial planning is essential for CFIs, many of whom have seen their average client base age significantly over the past decade.

“With more than one in five clients under the age of 40, at Continuum we are confident that we are well prepared for the future.”