Targeting (the Parents of) Millennials
I’ve argued in the past that the asset management industry is overrating the importance of Millennials. While Millennials rank among the most consistent topics of discussion in our work, a senior distribution executive at a client of ours recently framed the issue of engaging them as concisely and, even better, humorously, as anyone I’ve heard.
In talking about the potential value of addressing Millennials, he said:
You know who firms like us need to focus on? Me! I’m 51 and it’s me and my generation who are going to be inheriting wealth. I haven’t inherited anything yet. Forget about my 20-something kids, I’m the target!
We can cite research that the bulk of the wealth transfer to Millennials is more than 15 years away from starting, or that the transfer will be highly concentrated among just a small percentage of that generation.
But sometimes a good anecdotal zinger is all you need to have an interesting conversation.
[ image credit: Optician Training ]