Earn tomorrow’s clients

Earn tomorrow’s clients

The clients you serve tomorrow will be different from those you serve today. BlackRock can help you earn tomorrow’s clients and build your business for the future.

Future success = retain retiring investors + grow emerging investors

Chart future success

Source: Cerulli U.S. Advisor Metrics 2020.

Over half of advisors’ clients are 60 or older – in or approaching retirement. They are looking for a partner to help them navigate this new world of retirement income, longevity risks and changing purpose.

On the other hand, Millennial wealth reached $5.8T in 2020, yet investors under age 40 represent only 9% of advisors’ clients. These emerging investors want to engage with advisors who understand their different values, fears and needs.

Delivering the services your retiring clients truly need while looking to the next generation of investors will be essential to growing your business for the future.

Connect with retiring investors
As your clients transition from savers to retirees, they will look to you for advice as their needs change. Build a network of trusted professionals, including attorneys and long-term care consultants, to help your clients maximize their wealth and well-being throughout retirement.
Connect with retiring investors
Connect with emerging investors
Emerging investors – largely Millennials and Gen Zers – present a significant opportunity for business growth and will be key to the longevity of your practice. To better engage with this next generation of clients, you will need to understand their preferences and values such as digital solutions and ESG investments.
Connect with emerging investors

Engage diverse investor communities

When engaging with tomorrow’s clients, it’s also important to think beyond age and generation. Changing demographics will add cultural complexity to investors’ lifecycle financial needs.

Keep the following best practices in mind as you engage diverse investors:

1. Listen actively and create a safe place to discuss goals and experiences.

2. Ask questions to fully understand the clients’ situation before making investment recommendations.

3. Look out for investment knowledge gaps you can help fill.

4. Problem solve together so the client feels more invested in the outcome.

While not a comprehensive list of existing diverse investor communities, we’ve identified some groups with growing populations and wealth below

of global wealth will be held by women by 2023

More wealth will be held by women. In 2016, women held 31.2% of global wealth. This rose to 32.5% in 2019 and is expected to reach 34.2% by 2023.

of Generation Z identifies as LGBTQ+

More of tomorrow’s clients will identify as LGBTQ+. Only 2% of Baby Boomers identify as part of the LGBTQ+ community. Compare this to 3.8% for Gen Xers, 9.1% of Millennials and 15.9% of Gen Zers.

of Generation Z are not white

Tomorrow's clients will be more racially diverse. While 82% of Baby Boomers are white, the equivalent statistic for Gen Xers is 70%, for Millennials is 61% and for Gen Zers is 52%.

BGC, “Managing the Next Decade of Women’s Wealth,” 2020; Gallup, “LGBT Identification Rises to 5.6% in Latest U.S. Estimate,” 2021; Pew Research, “On the Cusp of Adulthood and Facing an Uncertain Future: What We Know About Gen Z So Far,” 2020.

Connect with women investors
Women control 51% of U.S. wealth today.1 Many are solely responsible for their finances or the breadwinner for their family. Yet many say they feel patronized by advisors. Connecting with women investors – whether they are new clients or spouses of existing clients – can help build trust and retain assets through generations.
Connect with women investors
Connect with LGBTQ+ investors
The LGBTQ+ community holds about $6.9 trillion in the U.S. but remains underserved by the financial services industry.2 Recognizing their needs and some of the unique challenges they face, including discrimination, higher healthcare costs and less family support is critical to earning their trust.
Connect with LGBTQ+ investors
Connect with Black investors
Black investors hold roughly $5 trillion of wealth in the U.S.3 Many are under-invested and have more college debt compared to their white counterparts. Understanding their challenges and embracing their experiences is an important first step to building relationships with them.
Connect with Black investors
Connect with Latinx investors
Wealth in the Latinx community has increased at a rate of 8% per year over the last 10 years.4 Appreciating how culture impacts the way Latinx invest their money will be key to earning their trust.
Connect with Latinx investors

Prepare for tomorrow’s clients

Conversation Icon
Demonstrate value as a financial coach
Employ active listening and deeper conversations to build loyalty.
People Icon
Build and foster a diverse team
Ideally, your team represents your current or goal client base.
Technology Connect Icon
Embrace technology
Leverage innovation to be more efficient and provide deeper, more personalized service.
Social Change Icon
Fortify a network of partners
Expand beyond attorneys and CPAs based on the clients you are targeting.