Retirement and estate planning (31%) and intergenerational wealth planning (31%) are the top priorities for clients of financial planning firms, research by Saltus has found.
The wealth management company’s latest survey of 200 senior financial planning firms revealed that a further 25% of firms believe tax planning and mitigation is their clients’ top priority.
Saltus found that with these changes to client needs, 22% of wealth companies are placing an emphasis on improving operational efficiency, while 20% are looking to enhance the client experience.
The firm added that these strategic priorities reflect a "strong shift towards optimising service delivery" and ensuring current and future clients receive a more personalised experience.
Saltus stated that the focus on efficiency and customer experience is tied to the sector’s longer-term view on technology.
Over the next three to five years, firms expect to see an increased implementation of technology to meet client needs, with more than a quarter (27%) of firm leaders believing that AI will help to simplify the advice process itself, while 17% said it will enhance its client experience through improved digital tools.
The wealth management firm said that these results suggest that investment in technology is not just about internal efficiencies, but "is central to how firms plan to deliver better outcomes for clients".
Head of the relationship team at the Saltus Partnership Programme, Nick Heath, said: "The financial advice profession is undergoing a major evolution, driven both by client expectations and the possibilities created by new technology.
"Whether it’s planning for retirement, passing on wealth or managing new financial pressures, clients want high-quality, personalised advice, and they expect a seamless experience when receiving it. Firms are recognising this and are rightly investing in both operational improvements and the technology that can help bring their service to the next level.
"The pace of technological change we are seeing at present presents both challenges and opportunities for firms, and many need additional support to help address both - whether through the implantation of scalable technology, regulatory support or investment in client experience."
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