A topic at the 8th Annual Digital Integration in Wealth Management Conference was wealth transfer and the next generation. Nina Manning of Killik & Co described the difficulties in working with families through generations.

Manning, Partner at Killik & Co, as well as Head of Product and Delivery, said: “Integrating and engaging younger generations through digital tools and relationships is an important part of Killik’s family proposition.”

So how do private banks and wealth managers keep younger generations engaged and interested?

What do they want?

Killik & Co is a wealth manager for families and it focuses on multigenerational clients and propositions. For example, it build products that allow clients to gift easily within their own family.

The objective now is to get Gen Z involved, the first generation of “digital natives”.

Manning described Gen Z as “a generation that does not think their outcomes will be as good as their parents”.

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They are also “digital natives, big on gamification, tracked progress and positive feedback”.

She added: “Gen Z have grown up as digital natives and expect mobile first solutions that are easily accessible, personalised, packed with interactive and engaging tools that are relevant to their own goals, with instant access to learning, education, support and all their information at their fingertips.”

Start early

When is the right time to start targeting Gen Z clients?

Manning stated: “Creating digital experiences that allow younger generations to engage with saving and investing earlier and in learning and education is beneficial in creating confidence and understanding of their finances and financial future.”

She explained that products can be a gateway for conversation between parent and child, even if the younger generation are not yet involved in family finances yet.

She continued: “We want all generations of the family to be involved in conversations with their Adviser so we are able to help as their needs change throughout life.

“A focus of ours is in learning and education for younger generations in building knowledge, understanding and confidence in saving and investing and in relatable ways.”

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