Advisers need to look beyond the stereotypical client and reach out to a more diverse range of people, Fox and Hare adviser Glen Hare says.
By targeting one demographic – wealthy, middle-aged men – advisers are stopping potential clients from understanding the value of advice, Hare says.
“Because the industry has been so focused on the white, pale male with the bags of money, the ideal client for the next generation doesn’t really know when it’s the right time to seek advice,” Hare explains. “The profession has never reached out to them, so they don’t really know what an adviser does because the profession hasn’t spent any time educating them.”