Financial advisers often use language that triggers anxiety, distrust and disengagement among retirement clients, according to consumer interviews conducted by behavioural finance firm Oxford Risk and wealth management research consultancy NextWealth.
Their report found that product-led communication was one of the clearest drivers of mistrust among the retirees and near-retirees interviewed. Consumers who felt advisers led with investments rather than their personal situation tended to feel less understood, less engaged, and less confident in their retirement plans.
The research also surfaced specific adviser phrases that appeared to backfire with clients. Phrases like “you’re not locked in”, intended to convey flexibility, were often experienced as patronising. One participant responded: “I don’t like that, it’s slightly condescending.”
Language describing markets as “scary” triggered fear rather than reassurance, while leading with “higher risk” created immediate worry - even among interviewees open to growth-focused investments.
Effective communication follows an emotional sequence
The research suggested that communication works best when it addresses emotional needs in sequence: financial security first, investment growth second, and flexibility third. Consumers responded better to messages that acknowledged their situation before introducing solutions, and less well to messages that tried to do everything at once.
Consumers were also sensitive to tone in ways advisers may not expect. Words like “steadier” were preferred to “steady” because they acknowledged uncertainty without overpromising. “We help you” tended to build trust, while “it’s important to invest” could sound directive. More evidence-seeking clients responded well to visible proof and clearer explanation, while calmer, simpler language worked better for more anxious interviewees.
Greg Davies, chief behavioural scientist at Oxford Risk, said: "Too much retirement communication still starts with products rather than people. Language, framing and sequence matter far more than the industry often assumes. Advisers spend enormous energy building solutions, but if clients do not feel understood, supported and emotionally comfortable with the plan, they are less likely to stay engaged with it. In retirement, communication is not a soft extra. It is part of delivering an outcome people can live with."
Consulting director at NextWealth, Emma Napier, commented: “What made this project so distinctive was bringing together very different groups — end clients, advisers, and product providers — with one goal to create genuine understanding across those perspectives. At its heart, it was about connection. The shift in thinking, reflected in the retested messages just shows what's possible when you design research around real human connection.”
