More Than Four in Ten Advised Clients Say Investment Explanations Put Products Before Their Goals

• More than 4 in 10 (41.8%) of advised clients say the investment explanations they receive in communications focus more on investment products and less on them and their goals, rising to more than half (54.9%) among those under 50.
• Clients want 'enough', not 'more': The vast majority of clients (96.4%) use words such as 'enough', 'comfortable', or 'secure' to describe their goals, against 3% of clients who talk about maximising returns. The term 'benchmark' is not used at all.
• Clear language without jargon lifts client confidence by 16 percentage points (81.1% compared with 65.1% for technical language), while oversimplifying makes no difference (64.0%).

LONDON, 11 Nov. 2026 – More than 4 in 10 advised clients (41.8%) say the investment explanations they receive in communications focus more on products than on their financial goals, according to new research from SEI^® (NASDAQ:SEIC) and the lang cat.

For advised clients under the age of 50, this increases to more than half (54.9%). The survey of 1,071 UK advised clients underscores an opportunity for the industry to make investment communications more personal, relevant, and actionable.

The findings come as firms continue to embed the FCA’s Consumer Duty, including its consumer understanding outcome, which places greater emphasis on communications that enable clients to understand firms’ products and make informed decisions.

Investment communications leave clients to connect the dots

That lack of context can leave clients uncertain about their progress. Out of those surveyed, nearly two in five clients (39.8%) say they are not clearly told whether they are on track to meet their goals.

This includes 15.3% who receive numbers or performance data without an explanation of what the information means for their progress, and 11.9% whose reports do not address their goals at all.

One in 4 clients (25%) say they often have to determine for themselves how their investments align with their goals. That figure rises to 46.2% among clients under 50, compared with 10.5% of those over 65.

As one client explained: “I am aware of which investments we have and the risk level, but if there is a lot of jargon, I switch off [and] pretend I understand because I don’t wish to look stupid.”

Clients measure financial success in life outcomes, not industry terms

The findings reveal a clear disconnect between how the industry describes investments and how clients think about their money.

Fewer than 1% (0.5%) of advised clients express their financial goal as a number, date, or amount, and just 3% refer to maximising returns. The terms ‘benchmark’, ‘asset allocation’, and ‘rebalancing’ do not appear once across more than 1,000 responses; ‘volatility’ appears only once.

Instead, 96.4% of advised clients describe their goals in directional and personal terms—having ‘enough’ to live on, feeling ‘comfortable’ or ‘secure’, and making sure their money will ‘last’ so they do ‘not run out.’

When evaluating a recommendation, 70.3% of clients consider its connection to their personal goals as very important. That is more than double the 33.2% who place the same importance on the underlying investments.

One client described their financial goal as “enough to maintain my home, buy/repair my car, take great holidays, undertake whatever leisure activity I fancy, and have enough to look after me in old age.”

Nearly two-thirds of clients (60.1%) say the most useful aspect of their adviser’s investment explanations is an acknowledgement of their personal circumstances rather than generic information.

Plain English strengthens confidence

More than half (55.0%) of clients value plain, clear language without unnecessary jargon. Survey respondents read three descriptions of the same portfolio: a technical version, a plain-English version, and an oversimplified version.

The plain-English version increased confidence amongst those surveyed by 16 percentage points, producing a net confidence score of 81.1%, compared with 65.1% for technical language. Oversimplified language makes clients 4.5 times more likely to say an investment report tells them far too little, reinforcing the need for communications that are clear but still substantive.

Ben Cooper, Head of Asset Management Partnerships, IFA & Wealth, Europe at SEI, said:

“Clients define financial success through the outcomes they want to achieve, yet our industry too often communicates through the mechanics of investing. Advisers bridge that gap every day, but much of the information they translate originates further upstream from providers, platforms, and investment managers.

“These findings reveal an opportunity to move beyond explaining how investments are structured and show more clearly how they can help clients achieve what matters most in their lives. Clear communication is not just about removing complexity; it is about making complexity relevant. That is how our industry can strengthen understanding, build confidence, and deliver an experience centred on what matters most to each client.”

Steve Nelson, Insight Director at the lang cat, added:

“Advisers emerge strongly from this research, and deservedly so. Clients tell us the most useful explanations acknowledge their circumstances and use plain language—precisely what advisers are doing, often while translating industry jargon along the way. The message for the wider industry is clear: clients are paying attention, and investment communications should give them information they can understand and use in their daily lives.”

Methodology
The research is based on a survey of 1,071 UK advised clients with more than £100,000 in wealth and assets. YouGov conducted the survey from 31 July to 5 August 2026.

About SEI^®

SEI (NASDAQ:SEIC) is a leading global provider of financial technology, operations, and asset management services within the financial services industry. SEI tailors its solutions and services to help clients more effectively deploy their capital—whether that’s money, time, or talent—so they can better serve their clients and achieve their growth objectives. As of Sept. 30, 2026, SEI manages, advises, or administers approximately $2 trillion in assets. For more information, visit seic.com.

About the lang cat

The lang cat is a specialist financial services consultancy and communications agency based in Leith. It works with financial advisers and providers to develop propositions, translate marketing strategy into action, and communicate services in clear, accessible language. Its aim is to make financial services less corporate and more human.