WeWealth | October 2022

75% of the wealth owned by private clients born between 1946 and 1964 (the boomers), in the next 10 years will pass into the hands of millennials. A generation, that of those born between 1981 and 1996, which today maintains a much more disenchanted relationship with the bank, which seeks multi-channel interaction, personalized services and increasingly rapid advice. The boomer generation has always experienced the relationship with the bank as something very formal, almost in a position of psychological subjection. While 88% of investment transactions involving boomers are done face to face, this percentage drops to 66% in the case of millennials. A difference of 22 percentage points that is downloaded to digital tools. To win over the children of current customers you need to have super-efficient platforms. And on this foundation it will then be necessary to build a suite of services that focuses on web collaboration, on Apps, used by 52% of boomers and 79% of millennials with assets above one million euros. Are banks equipped? If it is true that on the front of digital platforms there is a certain equivalence between operators, the real difference is made by consultants. The solution is to build team composed of senior bankers and junior bankers, who support each other in the relationship. This is because the senior has more experience and greater knowledge of the markets, but the millennial advisor can support him in dialogue with his peers. In addition, younger customers often inform themselves on social networks about the reputation of bankers. Channels that boomer consultants use to a lesser extent. 

Nicola Ronchetti