Wealth managers will have to operate like online platform firms if they plan to offer financial advisers a broad toolkit to help customers, especially millennials, according to a whitepaper published by UBS Wealth Management.
Millennials are ahead of other generations in demanding digital communication, constituting 49% of on-demand consumers. In contrast, only 22% of individuals above 55 years of age make this demand.
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Millennials are also more active on social media, with 47% of them using the platform as against 19% of non-millennials.
The findings are significant considering the fact that millennials are expected to be worth up to $24 trillion by 2020. In North America alone, $30 trillion of wealth is expected to be transitioned to millennials and other heirs between 2011 and 50 by baby-boomers.
Also, millennials start twice as many businesses compared to baby-boomers, and are almost twice as likely to withdraw from investments facing sustainability problems, the whitepaper revealed.
UBS Wealth Management global CIO Mark Haefele said: “In a more socially connected age, wealthy millennials and other private clients have expressed growing interest in innovations like digital platforms and sustainable and impact investing.
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By GlobalData“This gives wealth managers and financial advisers a renewed opportunity to improve their digital capabilities as well as using private capital to help make the world a more sustainable place.”
