Aviva has been rolling out enhancements to its My Aviva App, as well as joining the youth on TikTok to help meet younger potential clients and address intergenerational wealth needs.
According to Lorna Whalley, commercial director, retail; and Al Ward, head of retail for the provider, the issue of tackling intergenerational wealth planning has become more evident as wealth is starting to be passed down from the baby boomers to generation Z and even gen Alpha.
Speaking to FT Adviser, Ward said: "I am surprised advisers do not ask us more about how we can help with intergenerational wealth planning.
"We all see clients inheriting wealth and moving somewhere else, to a different adviser. We want to help advisers keep that wealth under advice and are working on ways to help advisers have these conversations."
He said Aviva has been rolling out a refreshed version of the My Aviva App, which has updated the way information is presented, and is working on how to bring out the "advised element".
Ward said: "We are creating a new advised client page where we can highlight information to help advisers [work through this with their clients]."
Whalley said it was vital for providers and advisers to understand the importance of intergenerational wealth planning. "The industry is having to engage with younger people and financially independent women more and more.
"It always astounds me how different the approaches to making financial decisions are between men and women, and between the generations.
"We need to build up engagement and education and help create all the building blocks so that people can be more confident and comfortable in making financial decisions."
She added that there was a huge intersectionality between intergenerational wealth and intergender wealth.
"We talk all the time about passing wealth down the generations but not so much about the transfer of wealth to women. But we are hearing more now from advice firms about how they are building that thinking around the intergender wealth transfer into the financial planning process."
Both said it was not just a question of getting women advisers into the industry but understanding the ways that different generations and genders relate to wealth or the language used.
Recently, as reported by FT Adviser, Aviva launched its Wealth Academy. Ward said: "This is not just to bring people in as advisers, but to train them up into roles in finance generally."
And then there is the engagement aspect. Ward said: "Young people are using TikTok more than Google to find out information about finance.
"So we want to use people with authority and appeal to help deliver basic financial messages to a wide and diverse audience."
Aviva UK's TikTok channel has more than 10,000 viewers within a few months of launch.
