Another interesting point from my conversation today is changing demographic shifts – no longer are wealth managers “baby boomers serving other baby boomers”, and so the need to reach out to younger clientele also becomes more important.
Inevitably, use of technology and evolving practices among different generations comes into play.
Pershing’s research found that, among the so-called ‘Millennials’ (those with birth years ranging from the early 1980s to the early 2000s), the competence of a wealth manager is understandably first priority, but building a relationship with him/her is of much less importance.
Plenty to consider then, and an opportunity to reflect. While it’s too easy to vent at naughty bankers for damaging the reputation of financial services, wealth managers too have a duty to promote their stellar services and make sure this industry has a healthy future.
