The prime asset of leading wealth management firms is the long-lasting advisor-investor relationships that they have been able to harness and develop over many years. However, things might not remain the same as the wealth management industry is facing a significant change – most of the wealth management advisors are approaching their retirement age and, likewise, most of the baby boomer investors are headed toward the transfer of their wealth to their children, i.e., the next-generation millennials. To survive in these changing times, wealth management firms need to fine-tune their strategy in order to attract and retain the next-generation investors.
This paper explores how different the demands of these new investors are, and how wealth management firms can respond best to these via suitable strategy and technology intervention.
Key discussion points in the report include:
Market shifting towards generation X and millennials
Demands of the next-generation investor
Role of technology in helping meet these demands
Best practices to become a next-generation wealth management firm
