The study has bought out the fact that there is revenue opportunity of US$31 billion with wealthy investors aged 55 or younger and has added that financial firms can enhance their revenues and retain wealth in their portfolio by offering more personalized financial services, more frequent interactions via high-quality video conversations and more collaborative technologies that are attractive to these younger investors.
The wealthy investors aged 55 and younger already represent approximately 40% of global investable assets, and the share is expected to increase as they age and as they inherit assets from older generations during the next 10 years.
During the next year, 20% of the younger investors were found to be planning to change their primary advisor, whereas only 5% of older investors were found to be planning to change their advisor.
And to win over these younger, more tech-savvy investors, the study has suggested that financial firms need to offer more frequent interaction with advisers and a higher-quality customer experience.
The financial firms are suggested that they can meet this requirement and build trust and loyalty with these investors by engaging them through videoconferencing and social media.
Additionally, 57% of the wealthy investors under age 55, also said that they would consider moving a portion of their assets to firms that offer a video as a way to connect with their advisers and other experts.