Europe, Eleni, Two Sons discussed on Wealth Management Today

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A lot of things so you had written something on on one of your many many content distribution platforms. I think it was forbes. Were you you were talking about the new digital thundering herd and why advisors and wealth managers shouldn't are over focusing on millennials. You want to expand on that shirk shirks. This is one of my very favorite topics because I think that You know. I founded my firm almost thirteen years ago around. The idea of millennial is in your brand. The idea there was that there are so many old tired wealth management brand whether their bank brands are a technology brands everyone in the ecosystem. A lot of really old brands. It didn't resonate with younger. Investors and so The idea there. I think is still relevant to appeal to a wide range of investors and buyers today Even tech vendors right selling to a younger age person so the idea that your brand needs to resonate across multi generations is still really valid. I think this whole idea really went awry was in terms of over segmentation in other words. People thinking these products are these services are for millennials so enter robo advisor for example Millennials are digital millennials went online trading. Eleni went online portfolios millennial millennial while when you dig down into it you can find out that it's really not about money. Also for example The cap gemini world wealth report year-over-year produced statistics saying that the highest digital adoption is really among ultra high net. Worth baby boomers and it stands to reason right. Why because they are generally mall formerly right global and who thinks that they are not really digitally savvy. of course they are and so. It's no surprise to me. But i think that people miss an opportunity by over segmenting and thinking too narrowly about digital offerings Similarly the piece that you're talking about With their frank kabeer sethi Merrill lynch says that eighty five percent of their clients in the ten million plus cohort where the fastest and quickest to digital adoption So i think that You know it really flies in the face of what people are thinking. So there's no reason over segment you wanna have a lot of different entry points but no reason to say you know this product or the service really is for millennials this fund you know ahead of international limits as for women for example. This one is for this other narrow cohort or segment. It's better to just have multiple entry points and let the people choose the numerous times and it's not just their age that defines what investors looking for from their wealth manager. It's really about behavior right so You know you. And i could be jax. Could be baby boomer. But we're really more digital leaning Brought up your kids. So i have two sons. One of my kids is very Digitally or into when it comes to financial advice and the other one's not so big nineteen based on age really doesn't work. I reminds me sort of chinese astrology. Like you're born in europe. The dog and that means that everyone in that year is the same. We know that. That's not true I'm sure much of your audience You know men and women both realized that women are not all the same and so women are cannot be unleash having products oriented to women especially when they're represent fifty one percent of the population doesn't really work either that was lost on a lot of firms that started up their female only targeted robo advisers whether firms that just didn't make it a lot of traction because they didn't realize that that's not it's not a thing it's not a thing. It's not a niche right. I've been writing about that for a lot of years. Also i mean how can there be products that goto actually in not only new. But you know..

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