“If firms truly want to engage with millennials they have to be willing to accept this at a lower asset level,” says PIMFA’s 2018 Millennial Forum Report.

It explains that firms which require £100,000 as a minimum for engagement “will be behind the curve and will not engender the trust and loyalty of the client in the future”. It is suggested that clients who are treated well when they have as little as £5,000 will be “sticky”, especially if the relationships are client-based rather than asset-focused.

It is important to remember that clients with less wealth at first are neither less capable nor intelli...