Wealth managers in the UK should target HENRYS- the High Earning Not Rich Yet- as firms are unsure who their future customers are, according to a survey by KPMG.

The HENRYs segment mainly includes  Generation Y and millennials.

KPMG says millennials have much higher expectations from customer experience.

“Successful targeting will require a rethink of business model including how and what to charge for,” KPMG said.

Martin Rumsey, author and director at Wealth & Asset Management KPMG UK said: “Eighty-five percent of respondents have a customer experience agenda, with the remainder being in the process of developing one.

Rumsey added: “Customers are high on the priority list for wealth managers but the current customer experience is geared to existing clients. As wealth changes hands, HENRYs gain economic power, brand loyalties wane and customer expectations rise, wealth managers need to increase their efforts to change in order to remain relevant to existing and future customers.”