In the early 2010s Formula One was facing a quiet crisis. Its audience was ageing and, in some markets, declining.

Does this sound familiar? More than half of advised clients are over the age of 65 and only 9% of the UK population take advice.

Formula One’s boss at the time, Bernie Ecclestone, said he had no interest in attracting younger fans. He was selling Rolex watches not McDonalds.

In 2014 he was quoted as saying: “Young kids will see the Rolex brand, but are they going to go and buy one? They can’t afford it! Our other sponsor, UBS – these kids don’t care about banking. They haven’t got enough money to put in the bloody banks anyway.”

Social media was restricted. Highlights were policed. Fans couldn’t see the sport’s content unless they paid for it.

Liberty Media acquired Formula One in 2017. Executives reframed the problem. This wasn’t an issue of a product in decline but a product that had stopped letting people in.

Social media opened up. Highlights became freely available. Formula One partnered with Netflix to produce Drive to Survive in 2019. The film, starring Brad Pitt, focussed on the human story not the gear.

The fan base exploded from 500m in 2018 to 827m in 2025. The proportion of female fans grew from 8% to 40%. I was genuinely surprised to learn that nearly half of Formula One fans in 2025 were female. The age of viewers also shifted – in 2025, 43% were under the age of 35.

I was fortunate to speak in May at a recent seminar hosted by Marlborough Group. I opened my talk with this story challenging the audience: “are we facing our Formula One moment?”

I first learned of the Formula One transformation at Fairstone’s conference. Rob Whitaker from Salesforce shared a compelling case study which got me thinking and the more I researched Formula One’s transformation the more apparent the parallels to our industry.

The wealth management industry is slowly running out of clients. NextWealth data show 85% of advised clients are over 55, and 55% are over 65. The number of clients receiving paid for advice isn’t growing. 8 years ago, 8% of UK adults paid for ongoing advice. Today? We’ve hit 9% (or 8.7% to be precise). Rounding makes it look like progress. It isn’t.

Demand is strong but supply remains constrained. The number of advisers has flatlined in recent years. Over half of advisers told us last year that demand for financial advice will increase in the next five years. A further 35% say it will stay the same. Our research with consumers confirms that those that receive advice value it greatly. The worry is those that don’t get advice. I worry about their financial futures and how we engage with them.

There are green shoots. PE investors in wealth businesses are demanding organic growth. Financial advisers too are showing renewed appetite to grow their businesses by taking on new clients. In 2025, 67% of financial advisers said they are looking to grow their business by taking on new clients. That’s up from 53% in 2022.

Is this our Formula One moment? Is it time to reframe financial advice and wealth management, not as a service for the already wealthy? Is it time to let people in so they can benefit from the services our industry offers? The business opportunity is there. The demand is there. What are you doing about it?
What we’re working on 

At NextWealth, we are updating our MPS Proposition Comparison report, charting the continued rise in assets to discretionary MPS. The report is due out on 9 June. Register here to be notified as soon as it’s released.

PE investors in wealth management are demanding evidence of organic growth. But who are those PE backers? Our recent Consolidation of Advice report shows the continued rise in consolidation of advice firms, presents four models for acquirers and lays out their ambitions. Find our more here.

How do your fees and charges compare to market averages and your peers? Our annual Fee Benchmarking report helps financial advice firms benchmark the overall cost clients are paying, the cost of on-going and initial advice. The report also charts the (slow) rise of alternative charging models. More info here.

Heather Hopkins

FAQS:

1. Why is the wealth management industry struggling to attract younger clients?

The wealth management industry has traditionally focused on older and wealthier clients, leaving many younger consumers unaware of the benefits of financial advice. While demand for guidance is growing, barriers such as affordability concerns, limited adviser capacity, and a lack of accessible engagement channels have contributed to low adoption among younger generations.

2. What can financial advisers learn from Formula One’s growth strategy?

Formula One expanded its audience by making content more accessible, embracing social media, and focusing on human stories rather than technical complexity. Financial advisers can apply similar principles by creating educational content, improving digital engagement, and making financial advice more approachable for first-time investors and younger consumers.

3. How many people in the UK currently receive financial advice?

According to industry research, only around 9% of UK adults pay for ongoing financial advice. Despite increasing demand for financial guidance, access to professional advice remains limited for the majority of consumers.

4. Why is organic growth becoming more important for wealth management firms?

Private equity investors and business owners are increasingly looking for evidence of sustainable organic growth rather than relying solely on acquisitions. This means attracting new clients, improving client retention, and expanding services to underserved markets are becoming key priorities for advisory firms.

5. How can wealth management firms attract the next generation of investors?

Firms can attract younger investors by improving financial education, simplifying complex topics, offering digital-first experiences, creating engaging content, and demonstrating the value of advice at earlier life stages. Making financial advice more accessible and relevant is critical to long-term industry growth.