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Warning for Financial Institutions – 'Engage Generation Y or Put Assets at Risk' - Carte Blanche, the leading high net worth communications advisory firm, is warning financial institutions they are putting their assets under management at risk by not engaging with Britain’s future inheritors of wealth
Warning for Financial Institutions – 'Engage Generation Y or Put Assets at Risk'

 

NewswireToday - /newswire/ - London, United Kingdom, 2006/10/25 - Carte Blanche, the leading high net worth communications advisory firm, is warning financial institutions they are putting their assets under management at risk by not engaging with Britain’s future inheritors of wealth.

   
 
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Carte Blanche is warning financial institutions they are putting their assets under management at risk by not engaging with Britain’s future inheritors of wealth, typically known as generation Y.

Born roughly between 1976 and 2002, generation Y is estimated to receive their share of the largest global wealth transfer in history, estimated at $500 billion in the next 5 years in the US alone and projected to reach $40 trillion over the next 40 years. However, with 92% of respondents in an industry study opting to change advisor post-inheritance, financial institutions such as private banks risk losing vital revenue from this next generation if they do not begin to adapt their communication and marketing strategies to better engage the new generation rather than expecting them to platforms designed for their parents and grandparents.

According to new research commissioned by Carte Blanche of British HNW parents with children aged 18-25, over a quarter of them said their young adult children have less than adequate financial education and of the remainder, over half feel they have received only adequate education. Furthermore, the research indicated that 68% of HNW parents believed education programmes provided by financial institutions would be valuable or very valuable to their children as they begin to take active roles in family enterprise and asset management.

These findings indicate that in many cases generation Y are not learning the kind of financial skills they will need to handle their wealth. This presents a tremendous business opportunity for financial institutions to refresh their acquisition and retention programmes, ensuring that HNW families can preserve their wealth across the generation gap.

Commenting on the research, Zoë Couper, director of Carte Blanche, said: “Reaching out to this younger generation is critical for the wealth management industry. As the baby boomers retire, the industry must begin to refocus its attention and energies to build a relationship with the next generation. To maintain vital sources of revenue, rehashing old strategies simply won’t cut it, a complete paradigm shift in the market is needed and its success will help determine if the industry can strengthen its growth, build new brand relationships and continue to increase assets in coming decades.”

 
 
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Written by / Agency / Source: Carte Blanche Communications Ltd

 
 

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Warning for Financial Institutions – 'Engage Generation Y or Put Assets at Risk'

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Publisher Contact: Zoe Couper - CarteBlancheComs.com 
+44(0)20 7016 5322 zc[.]carteblanchecoms.com
 
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