SAN DIEGO, June 15, 2017 /PRNewswire/ -- BNY Mellon's
Pershing today launched a new whitepaper, "Gen Why? How to
Succeed with Younger, HNW Clients Who Question Everything,"
sharing tips on how advisors can attract younger, high-net-worth
(HNW) investors. According to the findings in the paper, financial
advisors need to adjust not only their marketing strategies but
also their business models to attract and retain this group of
investors.
The paper examines the demographic and psychological factors
driving decision-making among Gen X, Gen Y and Gen Z clients—with a
focus on investors with $5-25 million
in investable assets. It draws important conclusions about the
differences and, more importantly, commonalities of these investors
in order to help advisors devise a strategy for reaching these
demographics.
"Younger generations are poised to earn and inherit significant
wealth in the years to come," says Katie
Swain, director of financial solutions at Pershing. "For
advisors looking to attract and retain young HNW clients, rapid
response times, authenticity and complete transparency, along with
technology and social media savvy have all become absolute
requirements."
Gabriel Garcia, managing director
of relationship management at Pershing Advisor Solutions, adds, "A
seamless digital experience and distinct brand recognition are
increasingly critical to building a successful advisory business.
In reaching younger clients, advisory firms would benefit from
looking at the business models of retail and technology companies
like Amazon, as well as branding approaches of iconic luxury brands
like Ritz-Carlton and Rolex."
With billions of dollars at stake as the next generation
accumulates unprecedented wealth, firms looking to attract and
retain these investors must revisit their strategies to incorporate
cutting-edge, digital capabilities, socially responsible investment
offerings and consistent authenticity.
Key takeaways for advisors include:
- Actively manage time. Time is a limited resource to be
spent wisely. Younger investors want to work with advisors who use
their time as efficiently as possible—interactions should be polite
but productive and to the point.
- Meet them where they are (online, mobile). Advisors will
not find many millennials on the golf course. Younger investors are
hyper-connected, relying on their devices to save them time and
keep them up to speed, and expect their advisors to do the same.
More touchpoints but of shorter durations with email and text are
preferred, while video chat is preferable to face-to-face
meetings.
- Align your business to a broader mission. In addition to
providing an array of socially responsible investment offerings,
advisors should champion a social cause that's of real importance
to them, and clearly communicate how this commitment ladders back
to the core values of their business.
- Skip the standard pitch. Younger investors want to feel
they have the necessary information to make smart, informed
financial decisions. With that in mind, advisors should consider
curating podcasts, short videos and objective investment insights
to keep clients informed and involved.
For more information, and to download "Gen Why? How to
Succeed with Younger, HNW Clients Who Question Everything,"
please visit:
https://www.pershing.com/perspectives/how-to-succeed-with-younger-hnw-clients-who-question-everything.
About BNY Mellon's Pershing
BNY Mellon's Pershing and
its affiliates provide advisors, broker-dealers, family offices,
hedge fund and '40 Act fund managers, registered investment advisor
firms and wealth managers with a broad suite of global financial
business solutions. Many of the world's most sophisticated and
successful financial services firms rely on Pershing for clearing
and custody, investment and retirement solutions, technology,
enterprise data management, trading services, prime brokerage and
business consulting. Pershing helps clients improve profitability
and drive growth, create capacity and efficiency, attract and
retain talent, and manage risk and regulation. With a network of 23
offices worldwide, Pershing provides business-to-business solutions
to clients representing more than 6 million investor accounts
globally. Pershing LLC (member FINRA, NYSE, SIPC) is a BNY Mellon
company. Additional information is available on pershing.com, or
follow us on Twitter @Pershing.
About BNY Mellon
BNY Mellon is a global investments
company dedicated to helping its clients manage and service their
financial assets throughout the investment lifecycle. Whether
providing financial services for institutions, corporations or
individual investors, BNY Mellon delivers informed investment
management and investment services in 35 countries and more than
100 markets. As of March 31, 2017,
BNY Mellon had $30.6 trillion in
assets under custody and/or administration, and $1.7 trillion in assets under management. BNY
Mellon can act as a single point of contact for clients looking to
create, trade, hold, manage, service, distribute or restructure
investments. BNY Mellon is the corporate brand of The Bank of New
York Mellon Corporation (NYSE: BK). Additional information is
available on www.bnymellon.com. Follow us on Twitter @BNYMellon or
visit our newsroom at www.bnymellon.com/newsroom for the latest
company news.
Sanuber Grohe
+1 201 413 2247
sanuberbilguvar.grohe@pershing.com
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SOURCE BNY Mellon