Change in the Wealth Management Sector: The Big Shift webinar series
The advice and wealth management sector is changing at pace. Wealth is moving between generations, client expectations are evolving and technology is changing how advice is delivered. At the same time, firms face an ageing workforce and growing demand for skills that are not yet available at scale. These forces are connected, and data sits at the centre of all of them.
The Big Shift webinar series was created to help firms work through this change. Each session, hosted by Poppy Achilles, has focused on a core theme: data, client experience, skills and technology. Together they point to the same principle: progress depends on addressing these areas together, with data as the foundation.
The path to becoming a data-led organisation
For businesses focused on growth, using data as a strategic asset is central to their future business model. Our polling shows that 93% of firms have data on the board agenda, yet only 29% have a clearly defined data strategy. Firms are adopting data platforms to improve data quality, gain a clearer view of clients and business performance, and strengthen risk management.
93%
say data is a boardroom agenda item
The Big Shift webinar polling, 2025
71%
have no clear data strategy
The Big Shift webinar polling, 2025
Platforms are not a one-off solution. Implementing and maintaining them requires governance, ongoing management, investment and the right expertise. The benefits build gradually, moving from understanding past performance to identifying present trends and, eventually, predicting future outcomes.
Emerging technologies such as AI and open banking already feed structured data directly into business systems, reducing manual effort and improving reliability. Every data strategy still depends on people, and delivering on the potential of data means aligning technology, governance and workforce capability. Firms that can do this are best placed to make informed decisions and deliver advice at scale.
This foundation of data also allows firms to respond to changing client expectations, particularly as the great wealth transfer gathers pace.
Surviving the great wealth transfer
More than £100 billion is inherited in the UK each year, a figure set to double by 2040. The recipients, from Millennials through to Gen Alpha, are digital-first and expect services that are personalised, clear and easy to use. Paper-heavy or jargon-filled processes hold little appeal for them.
The recent FCA review of financial communications (CP24/30) reinforced this challenge, finding that much of the industry's output remains unclear and disengaging.
Alongside the rise of the experience economy, worth £134 billion to UK GDP, this is changing how clients judge their provider: by the quality of the experience as well as by what is on offer.
Firms that focus on client experience are better placed to meet these expectations and sustain long-term relationships. That requires investment in strategy, systems and skills, with data at the heart of the effort, enabling tailored communications, sharper insight and smoother digital interactions.
Meeting client expectations also depends on whether firms have the people and skills to deliver.
The skills of the future
The profession faces a demographic challenge. According to 2024 research from Investec Wealth & Investment, only 6% of UK advisers are under 30, and half plan to retire within the next five years. At the same time, technology, and AI in particular, is changing how advice is delivered. People remain central to success, but they need new skills to work effectively alongside these tools.
Our polling showed that 63% of firms are prioritising upskilling and reskilling, which shows how workforce development has become a strategic priority. Firms are training and cross-skilling employees, recruiting to fill gaps and bringing in specialist expertise through partnerships.
Building a skills-based organisation requires leadership commitment: clear decisions about where to invest, development embedded in business priorities, and hiring that looks at potential as well as experience. This is a long-term effort, and it starts with recognising that people, working alongside technology, are what ultimately determine whether a firm can deliver value at scale.
With the right skills in place, firms still face a further challenge: expanding access to advice while client demand rises and adviser capacity shrinks.
Mind the advice gap
Only 9% of UK adults received financial advice last year, leaving millions making important financial decisions without professional support. The adviser population is also ageing. The number of advisers over 60 rose from 4,823 to 6,210 as of February 2024, while fewer younger advisers are entering the profession. Together, these trends are increasing the pressure to deliver advice at scale.
9%
of UK adults received financial advice in the 12 months to May 2024 FT Adviser, 16 May 2025
Advisers over 60
rose from 4,823 (2023) to 6,210 (February 2024)
FT Adviser, 12 March 2024
Artificial intelligence offers part of the answer. It can increase productivity, extend adviser capacity and deliver advice with greater personalisation. Its effectiveness depends on the data and processes that support it, so adoption needs to be deliberate and aligned with business priorities, with technology complementing human expertise rather than replacing it.
When firms bring together data, processes, people and technology, they can expand access to advice without compromising quality.
What The Big Shift webinar series has shown so far
The series so far has shown how data, client experience, skills and technology are connected. Firms that treat them as separate initiatives risk falling behind, while those that take an integrated approach are better placed to adapt, deliver consistent value and achieve sustainable growth.
The next session, on 23 September, looks at how firms need to change their approach to AI due diligence, with practical insight from Stephen Mitchell, CCO of AdvisoryAI, and Mark Whitcroft, CEO of PlannerPal, hosted by Poppy Achilles.
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