Opportunities For Wealth Managers To Connect With Gen X And Gen Y
Source: Deloitte LLP
A typical wealth management advertisement features individuals and couples in their 50s and 60s, enjoying the fruits of their labor - playing golf, sailing, traveling, etc. The much discussed "Baby boom" generation has fueled this strategy. Wealth managers have focused their energy and resources predominantly on the accumulation and growth of retirement assets, targeting prospects in their peak earning years with messages about the need to save and invest for the "Golden years." As the oldest baby boomers are now beginning to retire, however, the end to this marketing lifecycle is clearly in sight. Nevertheless, most wealth managers continue to place bets that their current business model will be sufficient to fuel growth, even as new competitors appear to be entering the wealth space.