Life stages, rather than distinct generational differences, will ultimately be the driver behind the relationship between an individual and their wealth manager. However, there is value in understanding generational characteristics because these tendencies will play a role in how these cohorts consume, spend, invest, and ultimately influence corporations. With most millennials (Gen Y) now in their late 20s to mid-30s, the next opportunity for wealth managers rests with the next cohort of clients: Generation Z.

In this report Celent provides an overview of Gen Z characteristics, assesses the digital readiness of wealth management firms, and highlights some of the services they should consider focusing on to attract Gen Z. We will also highlight how the convergence of services between industries is a growing trend in the industry.