The average age of IFAs using wraps is 10 years younger than those running transactional businesses.
Research from Standard Life has found the average age of the principal in a wrap-based firm is 44, which is 11 years younger than the average age of IFAs which is 55.
Bankhall member research also found the average age of principal in a wrap-focused advice firm is younger than the average IFA but it says its research indicates a general poor understanding of a true wrap-based model.
Chief executive Peter Mann says it is up to wrap providers to develop propositions that are attractive to a wider audience than younger IFAs, who are clearly more open to wrap.
He says member roadshows have shown a huge appetite for moving to fees.
Mann says: “If you are 35 and running a wrap business, it is hugely attractive. But if you are 55, your horizons are shorter so your appetite is slightly diminished. Providers need to find a way of appealing to a broader church.”