Understanding your clients

By Ryan Smith on July 23, 2018

Financial planning isn't a one-size-fits-all service.

The most popular age group for seeking financial planning is people in their 60s and above. However, as an adviser, you need to prepare to work with various age groups and know how to cater to them. To prepare efficiently for different peoples’ needs, you will need to gain a thorough understanding of different age groups and their specific needs relative to this time in their lives. It is also vital to be knowledgeable about the type of planning that they should be making in addition to the type that they may seek. When approaching financial planning, try to offer advice beyond people’s current concerns.


People in this age group are generally starting to make stable money, looking to invest in their own property and repaying university or college debt. Their financial situations might still be somewhat unstable, so financial planning will guide them towards more secure circumstances. Their key questions are likely to include “How much does a financial advisor cost?” You will want to have various cost options for this age group to ensure that your services meet their needs as well as your own business goals.


Potential clients looking for financial advice at this age are usually after guidance in investments, bond repayments, securing their family’s future, life policies and the management of accumulated wealth. Those in this age group are in the stage of life where they have created a relatively stable financial situation and are often at the peak of their earnings. This is also the age where many successful business people venture into establishing their own companies. The choice of seeking free government financial assistance might not be possible depending on the situation, and your services can be the prime alternative if presented correctly. Being aware of other advisable financial management can make a great impression during this stage of pinnacle wealth.

60s-70s and above

Those seeking retirement preparation are easily one of the largest groups after financial advice. They are in a time in life where they not only have to plan for their retirement and care in later stages but also think about the future of their families and what they will leave behind one day. An essential requirement for their chosen advisor is no longer just low-cost financial advice. Instead, completing debt repayment should be the main focus, to ensure that their families do not inherit the remainder of their debt and that the rest of their money can go towards future care as they get older.

The value of your services can be life-changing for clients. All age groups can benefit from this time of preparation for the future, whether they earn exponential amounts or are just getting by. With your help and the right strategy, they could secure a more stable and profitable future, eliminating financial disasters that come from a lack of organisation. Once you grasp this concept and implement it in your financial advice, you can provide quality service and support satisfied clients – no matter how young or old they are.

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