Generation Z: The Next (Gen) Opportunity for Wealth Managers
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 my upcoming report, Generation Z: The Next(Gen) Opportunity, I provide an overview of Gen Z characteristics, assess the digital readiness of wealth management firms, highlight some of the services they should consider focusing on to attract Gen Z, and highlight how the convergence of services between industries is a growing trend in the industry.
Gen Zers are considered “digital natives” whose technological proclivity has made them comfortable with cross-referencing multiple sources of information and blending online and offline experiences, as well as always staying connected to each other and to the world. Their innate sense of digital platforms, automation, and penchant for ESG values and crytocurrencies separates them from previous generations and will put pressure on the wealth management industry to innovate at a quick pace in order to keep up with nimbler, one-stop shop platforms.