“Wealth managers’ failure to engage younger generations can create a generational disconnect and lead to poorer financial outcomes,” Niral Parekh, managing principal at financial services consultancy Capco has warned.

This statement came as the FCA’s discussion on intergenerational differences closes to comments.

Mr Parekh explained the importance of the discussion, as “more people will wait until their 50s, 60s and even 70s before they inherit their parents’ wealth, and inheritance is also leapfrogging generations with gifts straight into the hands of millennial grandchildren.”

However, financia...