Millennials in Wealth Management - A Survey of Digital Attitudes and Behavior in Five Key Markets
Millennials’ net worth will double within the next five years and they will inherit tremendous fortunes in the decades to come. This means enormous potential for wealth managers that understand what makes this next generation of clients tick. However, as our report details, this is not an easy task, as wealthy millennials are showing some striking contradictions in their digital attitudes towards financial matters.
The report identifies the differences in attitudes between millennials and older generations as well as between millennial wealth brackets, and explores how affluent and wealthy millennials in the five key markets—the US, the UK, France, Germany, and Switzerland—digitally behave when managing their assets and what they expect from the digital offerings of their wealth managers and robo-advisor platforms. The report offers data-driven strategic and practical advice on how wealth managers can take advantage of the generational shift in clients by employing the right digital tools and channels.
The research is based on a panel survey conducted in the US, the UK, France, Germany, and Switzerland, addressing the digital needs and preferences of 1,000 affluent and high-net-worth individuals. The report identifies their preferred devices and communication channels and mobile app features for financial matters and analyzes the millennials’ awareness of and openness towards robo-advisors as well as the main features they expect.
To offer precise recommendations and implications, the report explores the major differences between millennials and the older generations as well as between the different wealth segments and key markets.
This report is THE resource for understanding what wealthy millennials want from their wealth managers’ digital offerings in five key markets:
- What are the characteristics of millennials that matter for wealth managers?
- How do the digital usage patterns of millennials differ from those of other age groups?
- How does the digital behavior of millennials vary across different wealth brackets?
- What are the special digital requirements of the wealthiest millennials with $1 million of investable assets and more?
- What are millennials’ preferred communication channels with their financial institutions?
- To what extent are smartphones, desktop computers, tablets, smartwatches and smart speakers used for financial matters?
- Which features of wealth managers’ mobile apps are used most frequently?
- How satisfied are millennials with their wealth managers’ mobile channels? What are the millennials’ reasons for not using their apps at all?
- How familiar are wealthy millennials with robo-advisors? How many of them already use robo-advisors or plan to do so?
- What are the similarities and differences in wealthy millennials’ digital behavior across the US, the UK, France, Germany, and Switzerland?
- How does the perception and usage of robo-advisors differ for each market?
- How do cross-country findings differ between the generations? Are preferences converging? Which differences persist?
- What are the similarities and differences among countries and generations that wealth managers have to focus on most?
- What are the eleven things wealth managers must do to reach and keep millennials?
The report includes more than 25 graphs and charts, and it comes with two additional files:
Key insights deck containing an easy-to-understand six-slide presentation that summarizes key findings for quick sharing
- Data slides showing the detailed results of our survey consisting of 23 questions presented overall, by wealth segment, and by country