Do High Net-Worth Wealth Managers have to change...

Date: Monday, September 16, 2013
Author: Press Release

Do High Net-Worth Wealth Managers have to change their strategy to adjust to young millionaires spending habits?

Survey Report highlights key trends and challenges in the High Net-Worth Wealth Management industry in North America

A recent survey, conducted following the unveiling of client acquisition and engagement strategies within the wealth management industry, demonstrates how firms' are adapting to new trends and challenges. 85 percent of participating stakeholders have a high level of interest towards meeting and discussing their high net-worth wealth management plans with decision-makers.

While the percentage may look astoundingly high, there is a split between those who wish to meet with client facing organizations, and those wishing to speak with potential strategic partners.

The survey, conducted by Strategy Institute, goes on to identify the top-3 challenges in the industry, as well as the value proposition and marketing tactics for acquiring the current and next generation of affluent clients.

The next generation of affluent clients is increasingly turning to web-based wealth management firms or chooses do-it-yourself brokerage accounts. This cohort is typically people in their early 30s with $100,000 or more to invest in assets under management, mostly above and beyond any tax-advantaged retirement plans offered by the government.

Often, these individuals are not interested in tucking away the money until old age, but rather use their funds for breeding new success. For the financial firms that have established a clientele within Generation Y, their attitudes can certainly present a challenge, since these people are focused on green technologies, doing social good with their investing, and not necessarily focusing first on performance.

The investment mentality of Generation Y clients includes a lack of desire to buy houses since they don't have the time or desire to take care of them, but rather spending money on experiences. In order to bring your portfolio into the next generation of affluent clients, it's important your firm understands the makeup of this demographic and their preferences.

This latest information comes courtesy of the Financial Post and Beth Pinsker of Reuters

Notable speakers at the summit include:


The full survey report is available for free download at

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