With billions of dollars at stake as the next generation accumulates unprecedented wealth, firms looking to attract and retain these investors must revisit their strategies to incorporate cutting-edge, digital capabilities, socially responsible investment offerings and consistent authenticity.Key takeaways for advisors include:
- Actively manage time. Time is a limited resource to be spent wisely. Younger investors want to work with advisors who use their time as efficiently as possible—interactions should be polite but productive and to the point.
- Meet them where they are (online, mobile). Advisors will not find many millennials on the golf course. Younger investors are hyper-connected, relying on their devices to save them time and keep them up to speed, and expect their advisors to do the same. More touchpoints but of shorter durations with email and text are preferred, while video chat is preferable to face-to-face meetings.
- Align your business to a broader mission. In addition to providing an array of socially responsible investment offerings, advisors should champion a social cause that's of real importance to them, and clearly communicate how this commitment ladders back to the core values of their business.
- Skip the standard pitch. Younger investors want to feel they have the necessary information to make smart, informed financial decisions. With that in mind, advisors should consider curating podcasts, short videos and objective investment insights to keep clients informed and involved.
About BNY Mellon's PershingBNY Mellon's Pershing and its affiliates provide advisors, broker-dealers, family offices, hedge fund and '40 Act fund managers, registered investment advisor firms and wealth managers with a broad suite of global financial business solutions. Many of the world's most sophisticated and successful financial services firms rely on Pershing for clearing and custody, investment and retirement solutions, technology, enterprise data management, trading services, prime brokerage and business consulting. Pershing helps clients improve profitability and drive growth, create capacity and efficiency, attract and retain talent, and manage risk and regulation. With a network of 23 offices worldwide, Pershing provides business-to-business solutions to clients representing more than 6 million investor accounts globally. Pershing LLC (member FINRA, NYSE, SIPC) is a BNY Mellon company. Additional information is available on pershing.com, or follow us on Twitter @Pershing.About BNY MellonBNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 35 countries and more than 100 markets. As of March 31, 2017, BNY Mellon had $30.6 trillion in assets under custody and/or administration, and $1.7 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com. Follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for the latest company news.
Sanuber Grohe+1 201 413 2247 firstname.lastname@example.orgTo view the original version on PR Newswire, visit: http://www.prnewswire.com/news-releases/looking-to-attract-younger-high-net-worth-clients-focus-on-authenticity-and-transparency-300473484.html SOURCE BNY Mellon