The demographics of wealth are set for a tectonic shift, Financial services marketers in this space must be ready to follow the money to ensure their future success.
Take a moment to picture what a typical High Net Worth (HNW) client looks like. If the image that comes to mind is of a silver-haired, white-skinned male, here are some facts you might want to consider:
• The average age of US investors with $25m or more of assets is 47
• Women already control 51% of personal wealth in the US and 30% of the world’s wealth
• By 2022 more than 30% of global US$5m+ individuals will live in Asia
While there are those in private banking and wealth management who cling to venerable tradition, there is a growing understanding that the sector is on the cusp of significant change. So, what are the forces at play and how can marketers position their offering to capture the opportunity? In this first of a two-part series exploring the opportunities presented by the changing wealth audience, we look at Generation X and Millennials.
So, what do these audiences want?
What can you do as a marketer?
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