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Research Report on How Wealth Managers can Reach Millennials and the Next Generation Clients with Digital Wealth Management

Reaching Millennials - The Next Big Opportunity in Digital Wealth Management

Mar. 13, 2017

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Millennials’ net worth will double within the next five years and they will inherit tremendous fortunes in the decades to come. They strive for professional advice from wealth managers they trust, and are highly dissatisfied with the customer service and outdated digital offerings they are receiving from their current financial institutions.


 



Our 55-page report explores
how millennials will disrupt established forms of client behavior and interaction, and offers strategic and practical advice on how wealth managers can take advantage of the generational shift in clients by employing the right digital tools and channels.

>>  Click here for Report Summary and Table of Contents

For this comprehensive research we conducted 16 granular, qualitative interviews with millennials of affluent and wealthy background that provide a deep and comprehensive overview into the intrinsic motivations of this important population group. The report highlights their needs, preferences and expectations with respect to their wealth managers’ offline and online offerings in their own words and identifies five distinct segments of wealthy millennials.

In addition, carefully selected results of MyPrivateBanking quantitative surveys are presented in the report and as well case studies of wealth managers’ current digital offerings successfully tailored to the millennial generation



 










The report is THE resource to understand the enormous impact that millennials and the next generation of clients will have on the wealth management sector: 

  • Characteristics of millennials that matter for wealth managers
  • Segmentation of five types of millennials including their principal traits in terms of attitude towards wealth, financial behaviors, digital communication and psychological characteristics
  • Attitudes of millennials with respect to banking costs and fees, online services, transparency and more
  • Expectations of the different millennial segments with respect to customer service, online/digital offerings, banking and branches
  • Six detailed case studies of seven effective initiatives by leading wealth managers to reach and engage wealthy Millenials
  • Main mistakes wealth managers make when serving millennials
  • Creating the right digital offerings for different millennial segments  Strategic and operational recommendations for wealth managers’ aiming to keep and win the next generation of clients 




In-depth analysis, recommendations and answers to the following questions, derived first-hand from personal interviews with wealthy millennials: 



> What makes millennials so special for wealth managers?

  • Why are millennials so important to wealth managers?
  • Which are the characteristics of millennials that matter for wealth managers?
  • How do the digital usage patterns of millennials differ from those of older age groups?
  • What are the attitudes of millennials with respect to banking costs and fees, online services, transparency, rewards, networking and tailored services? 

> How do wealthy millennials differ among themselves and what do different groups want from their wealth manager?

  • Which are the main archetypes of millennials and what are their principal traits in terms of attitude towards wealth, financial behaviors, digital communication and psychological characteristics?
  • What are the expectations of the different millennial segments with respect to customer service, online/digital offerings, banking and branches?
  • How do millennials differ in their appetite for savings and their financial knowledge, digital usage patterns and client satisfaction?
  • What are millennials’ preferred communication channels with their financial institutions?
  • How attractive are digital banks for millennials?

> Which wealth managers are leading in targeting millennials and what do effective initiatives to reach the next client generation offer?

  • What are the main mistakes wealth managers make when serving millennials?
  • Which wealth management firms have clearly recognized the increasing significance of digital tools for their next generation clients?
  • What offline and online strategies do these wealth managers follow and which wealth segments of millennials are targeted?
  • Which tools and media do these wealth managers employ to reach and engage wealthy millennials? How are offline and online initiatives orchestrated?
  • What are the learning points of each case study for wealth managers planning to offer initiatives to target next generation clients successfully? 

The report includes over 30 visuals including graphs, screenshots and charts, plus, in their own words, wealthy millennials’ preferences and needs when it comes to wealth management.

In addition, the report comes with a Key Insights Deck: an easy-to-understand 5-slide presentation that summarizes key findings for quick sharing.


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