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How to Secure Millennial Loyalty in Family Offices

March 26, 2024

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Why would I struggle to keep millennial clients?

With baby boomers aging, a significant shift in wealth dynamics is underway, directing $84.4 trillion towards millennials by 2045 in what’s known as the Great Wealth Transfer.

This movement will mark millennials as the wealthiest generation in history, and will dramatically transform investment priorities towards socially responsible themes – all against the backdrop of a staggering $72 trillion global inheritance.

This isn’t just a wealth handover; it’s a complete overhaul of the economic and investing principles, moving from traditional pathways to ones that emphasize values and social impact.

For family offices, adapting to these changing priorities isn’t just smart—it’s essential.

Highlighting this urgency, Victor Preisser from the Institute for Preparing Heirs points out that an overwhelming 90% of heirs switch their financial advisors post-inheritance.

This statistic underscores the critical need for family offices to evolve, especially as they start catering to a new generation of clients determined to use their wealth to affect positive change.

How are millennials different from traditional clients?

Millennials stand out for their unique investment priorities, distinctly different from their predecessors. Millennials and Gen Z lean heavily towards sustainable and socially responsible investments, which could begin to play a bigger role in the diversified portfolios of millennial clients.

A study by the US SIF Foundation found that sustainable investment assets reached $17.1 trillion in 2020, a testament to the growing demand for investments that yield both financial return and social good.

Diversifying your client’s portfolio by incorporating alternative assets can allow you to achieve ESG goals while protecting capital – learn more about alternative assets align with ESG investments here.

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Furthermore, this generation’s comfort with technology and digital platforms reshapes how they engage with financial services, preferring online platforms for investment management.

Millennials’ demand for transparency and active involvement in their investment choices signifies a broader shift in investor behavior.

Because of this, family offices need to adapt by providing clear, detailed information about investment opportunities and demonstrating a commitment to values that align with those of millennial clients.

How do I accommodate millennial clients?


1) Incorporate ESG Investments

To effectively engage millennial clients, family offices must align their strategies with the younger generation’s values. Incorporating ESG (Environmental, Social, Governance) criteria into investment portfolios could help you do this.

Generation Investment Management, co-founded by Al Gore, exemplifies this well. His company has successfully aligned its investment strategies with sustainable principles, illustrating how ESG-focused investments can yield competitive returns.

Incorporating different kinds of alternative assets can be an effective way to meet the specific needs of millennial clients.

Our small business finance investment notes stand out as an attractive possible addition to a diversified alternative asset allocation, as they have successfully delivered a 100% return rate on target investments to our investors.

2) Leveraging technology

Supervest offers an intuitive platform that simplifies the process for investors to manage their Small Business Finance (SBF) allocations, making it both time-efficient and stress-free.

This user-friendly approach ensures that investors can navigate their investments with ease, optimizing their financial strategies without the usual complexities.

3) Education

Providing educational resources on financial planning and wealth management helps millennial clients gain a better understanding of their financial well-being.

To keep our readers ahead of the curve in financial innovation and market dynamics, we offer a wide range of informational content designed to illuminate the ever-evolving economic landscape.

Our commitment to financial education is showcased through our weekly investor newsletters, delivering cutting-edge insights on economic trends.

Further deepening the discourse, we publish monthly long-form analyses, each exceeding 3,000 words, to provide comprehensive explorations of specific topics, offering our readers unparalleled depth of understanding.

Complementing these are our expertly crafted weekly articles. These articles focus on a variety of subjects from alternative asset investment strategies to portfolio allocation techniques and family office management.

Our aim is to ensure our readers are well-equipped with the knowledge to navigate the complexities of today’s financial world.

What can I do now?

The wealth management landscape is rapidly changing, with millennial values leading the shift.

By signing up for a free, no-obligation investment account today, you can receive tailored insights, keeping up to date with how the Great Wealth Transfer affects your family office.

Start discovering the potential of alternative investments today.

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