Earn tomorrow's clients
Tomorrow's clients
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01
Retiring investors
Unsurprisingly, most wealth in Australia lies in the hands of baby boomers who are approaching or in retirement. However, in the coming years boomer wealth is expected to grow more slowly than succeeding generations.
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02
Emerging investors
Millennials are expected to inherit approximately $3.5 trillion by 2050.1 By 2030, the income of Gen Zs is projected to be $33 trillion, constituting 27% of global income.2
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03
Diverse communities
Women, the LGBTIQ+ community and racially diverse communities have historically been underrepresented in the wealth management industry, but now hold growing pockets of investable assets.
Engage retiring investors
Engage emerging investors
Emerging investors – consisting largely of Millennials and Gen Zs – have different needs and values than that of today’s average client. Whether it’s views about investing, personal outlooks or retirement, advisers should start with understanding the unique needs of emerging investors to enable innovative delivery of solutions and advice to better accommodate for this segment.
AFR, “Baby Boomers to pass on $224b a year by 2050,” 2021. Figure quoted is in $AUD
Engage diverse communities
More wealth will be held by women. In 2016, women held 31% of global wealth. This rose to 33% in 2020 and is expected to reach 35% by 2025.
More of tomorrow’s clients will identify as LGBTIQ+. 7% of Baby Boomers identified as being attracted to the same sex. Compare this to 12% of Millennials and 18% of Gen Zers.
More of tomorrow's client's will be racially diverse. 24% of Australians speak a language other than English at home, while 350+ different languages are spoken at home.
Source: UBS, “Women and investing: Reimagining wealth advice,” 2022; IPSOS, “LGBT+ Pride 2021 Global Survey points to a generation gap around gender identity and sexual attraction,” 2021; ABS, “2021 Census: Nearly half of Australians have a parent born overseas,” ABS, “2021 Census: Nearly half of Australians have a parent born overseas,” 2022; ABS, “Cultural diversity: Census,” 2022