Financial Planning firm owners see a clear generational divide between themselves and younger advisers on technology and social media, according to a new report from adviser platform Wealthtime.

While younger Planners were much keener on using technology, all ages agreed on the importance of retaining the human connection with clients.

The report said firm owners need to ensure they are harnessing the understanding an experiences of younger advisers when it comes to the use of technology.

Keith Furniss, business development director at Wealthtime, said: “Tapping into the knowledge and skills of younger advisers can pay dividends for firms, especially when it comes to understanding the needs of future generations of clients.

“Consolidators are now reviewing the age profile of advisers when calculating firm valuations, so there’s a clear view that young advisers are crucial to the ongoing success of firms.”

The report also highlighted the need for greater support to prepare younger advisers to become tomorrow’s business owners.

Mr Furniss added: “Making business ownership attractive starts with equipping the next generation with the skills they need to succeed. Given the falling numbers of advisers and firms, filling the training void left by the old LifeCos and networks is a key issue for the industry to solve.”

Platforms Novia and Wealthtime unified under the single group brand of Wealthtime last November as part of the final stage of a group-wide merger of the firms by their owner, the private equity group Anacap.

AnaCap Financial Partners bought the Novia platform in 2021 to add to its existing Wealthtime platform.

• Wealthtime held focus group discussions with advisers in partnership with adviser support group Octo members for its Succession planning in the age of employees report.