A new study by Sway Research and Mast Hill Consulting called Capturing the Hearts and Wallets of Peak Accumulators, they found that individuals between the ages of 28 and 53 are “tired of being ignored” by wealth managers. The two demographics, 28-42 and 43-52, represent more than 50 million households and are worth an estimated $5 trillion in investable assets.
The study aims to show advisers that the Generation X-ers are completely different from the older boomers. They consult and average of 7.5 different information sources before making financial decisions. It was also found that they like to date before making the big, marriage commitment.
These demographics also don’t want to give wealth managers all of their money up front. But the good thing about them is they aren’t going to take up an investors time, they don’t want to meet face-to-face, they would rather utilize technology to get the information they need.
The bottom line for wealth advisers: “Wealth managers who successfully court this demographic should be able to compensate for lower per-client assets if they leverage technology to serve more clients.”
There are lessons that advertisers and marketers can learn from this article as well. Generation X and young boomers have money to spend (and invest). It is the marketers job to show them why your product, business, etc is worth their money. Knowing their net worth and feelings toward technology, advertisers can get a leg up on their competition if they spin their ads in the right way.
For the full article, go to: http://online.wsj.com/article/BT-CO-20090527-708067.html