San Martin, CA – July 27, 2024 – CEG Insights, the research division of CEG Worldwide and the financial service industry’s leading research firm, is proud to announce the publication of its latest study, The Paradigm Shift: Millennial and Gen Z Investors and the Impending Wealth Transfer.
An essential addition to the company’s Wealth Management Mastery Series, this study offers financial services executives and research professionals vital insights to adapt their businesses and drive organic growth in today’s rapidly evolving landscape. The report provides a deep dive into younger investors’ changing preferences and behaviors, equipping industry leaders with the knowledge needed to successfully navigate the upcoming generational wealth transfer.
IN-DEPTH ANALYSIS OF YOUNGER INVESTORS
The study offers an in-depth analysis of younger investors’ attitudes, concerns and investment behaviors, revealing critical information for financial advisors and wealth management firms. Key findings include:
- Over a third of Millennials have inherited assets, with nearly half inheriting more than $1 million.
- Of those who have inherited wealth, almost half—45.7% of Generation Z and 46.5% of Millennials—started using the grantor’s advisor because they didn’t have their own advisor.
- Younger investors are hungry to work with advisors, meaning advisors should start relationships early by connecting with clients’ children and developing targeted strategies to attract and retain younger clients, as they represent a significant opportunity for growth.
- Fifty-six percent of Millennials and 47.2% of Gen Z consider cryptocurrency an essential or supplementary part of their investment strategy.
- More than 60% of Gen Z indicate social media impacts their financial decisions.
- Using artificial intelligence in developing investment recommendations is important to 66.5% of Millennials and 50% of Gen Z.
“The impending wealth transfer to younger generations is not just a shift in assets—it’s a transformation of the entire financial services landscape,” said George Walper, managing principal of Wealth Management Research at CEG Insights. “By understanding and adapting to the unique needs of younger clients, advisors can position themselves at the forefront of this paradigm shift, driving unprecedented growth and innovation in their practices.”
John Bowen, CEO of CEG Insights, added, “This study provides more than just data; it offers a road map for financial advisors to successfully navigate changing investor demographics. Given that over half of Gen Z investors believe advisors should be used at wealth levels below $500,000, financial executives should establish a separate focus for mass affluent investors. A distinct service—delivered by the firm instead of individual advisors—will provide personalized guidance to younger investors and aid in their financial growth.”
The Paradigm Shift: Millennial and Gen Z Investors and the Impending Wealth Transfer is one of eight reports published annually in the Wealth Management Mastery Series. These reports equip financial services leaders with comprehensive insights to enhance their businesses, stimulate innovation and gain organic growth in an increasingly competitive market.
For more information on the report or the Wealth Management Mastery Series, please visit the CEG Insights website.
ABOUT CEG WORLDWIDE & CEG INSIGHTS
CEG Worldwide and CEG Insights are recognized providers of research, coaching, and consulting services for financial advisors and the wealth management industry. Specializing in serving high-net-worth clients, CEG Worldwide offers business development strategies, coaching, and training to help advisors grow their practices and build successful businesses. CEG Insights, the research arm of CEG Worldwide, researches the needs and expectations of wealthy families and the best practices of top advisors. Together, CEG Worldwide and CEG Insights support advisors in achieving success, delivering excellent client experiences, and navigating the evolving industry landscape. Learn more at www.cegworldwide.com and www.ceginsights.com.
- IWI, CEG Insights Agree To Research Collaboration – As Featured in FA Magazine
- Accelerate Success for Financial Advisors and Elevate HNW Client Experiences – As Featured in Investments & Wealth Institute
Media Contacts:
Robin Black
Managing Principal of Strategic Partnerships
CEG Insights, LLC
rblack@ceginsights.com
(888) 398-7298
