Millennials spends more time with technology, such as their smartphones. A Deloitte study reveals that almost 90% of millennials check their smartphones within the first 15 minutes of waking up. Millennials are more interested than others in digital and mobile offerings, and love being in control of their financial decisions. This is the reason why they prefer instant, personalized advice delivered at their convenience. They shun time-consuming, cumbersome and complicated processes and expect their services to be available literally at their fingertips.
Millennials are also information-hungry, more educated, well-travelled and connected to the markets than ever before. This tech-savvy generation is comfortable doing their own research, and are quite risk aware. Millennials don’t necessarily demand discretionary services. However, wealth managers have a vital role to play as trusted sources of comprehensive, up-to-date and reliable information for their clients. Therefore, wealth managers need to ensure fool-proof facts by thorough research and due diligence to earn the trust of millennials.
How to win over the millennials:
One way firms and advisors can retain high net-worth millennials is by providing banking that is omnipresent and seamless across channels and devices supported by deep analysis. Millennials expect transactional competence and operational efficiency from their banking advisors too. To differentiate themselves, firms therefore need to offer swift, efficient and completely automated banking, with products that enable transactions online from anywhere, any time.
Wealth management firms must embrace the millennials with the perfect digital experiences that meet their exact needs. In this regard, Digital has become a game changer, and is now central to the future of the wealth management industry. Wealth managers must gain access to real-time information as well as master interactive investment tools to deliver highly personalized services. Gone are the days of ‘one size fits all’ financial advice. Wealth managers should generate key insights by adopting the latest business processes, and by embracing automation and self-service delivery models. Digitalization frees them from routine tasks and administrative work, freeing them to concentrate on providing a seamless experience to their clients.