Nine in ten firms have taken on a larger number of clients under the age of 40 than in previous years, according to a new report.

Two thirds of the advisers surveyed by Dynamic Planner said they are receiving increased enquiries from under-40s.

Female and younger advisers were the most likely to be seeing an increased demand from clients under the age of 40.

Advisers were also targeting this demographic, with over half of those surveyed saying they are actively seeking clients under the age of 40.

The report also found that younger advisers had different priorities for customer service than older counterparts. Advisers aged between 24 and 35 saw making it easier for clients to check in on progress as a priority.

Advisers had used technology to broaden their methods of communication with clients.

A third of the firms surveyed said they have adopted client facing apps, with half of respondents now communicating with customers via an app or portal.

An additional 45% of advisers surveyed put a digital led service at the top of their list for changes they plan to make in the future.

Rowan Whittington, product director at Dynamic Planner said the data demonstrates how technology has the potential to help close the advice gap for under 40s.

He said: “Apps enable firms to engage with this age group of digital natives in a way the industry could have only dreamed of before. Its an exciting time – the industry is shifting to align with consumer expectations and going digital eases the communication burden for advisers and clients alike. Targeted support will only accelerate this.

“Younger people are taking control of their finances earlier and accessing the advice they need. Firms that recognise the value of this client group and use the tools at their disposal to service them engagingly and profitably can not only drive better saving and investing behaviours but help to secure their own futures.”

Dynamic Planner surveyed 400 advice professionals, including 304 financial advisers, in the first quarter of this year.