Part 3: What Affluent Millennials are Seeking in Financial Services Providers
[Infographic] A visual journey showing how Affluent Millennials are transforming the financial world
August 6, 2015
There are 15.5 million Affluent Millennials in the Unites States today. These individuals, born from 1981 to 1997, live in households with at least $100,000 in investable assets outside of real estate and are vital to the nation’s economy, spending $2.0 trillion each year.
This three-part blog series provides insights about this powerful persona provided by a global study conducted by LinkedIn and Ipsos. The first two posts in this series examined how Affluent Millennials are dramatically reshaping the future of the finance industry and how Affluent Millennials’ future starts now. In this final blog post, the focus is on what Affluent Millennials look for in financial services providers.
What Affluent Millennials are Seeking in a Financial Services Provider
When analyzing their options, Affluent Millennials look for the following:
- Social: Does the company have a strong social media presence?
- Relationship: Do I already have a relationship with this company?
- Influence: Do any family members use this company?
- Social Presence: How does their social network feel about this company?
- Purpose: Does the company have a social mission they agree with?
Social-Centric Financial Decisions
We see how important social is when we see that 39% of Affluent Millennials see social networks a must-have, which is greater than overall Millennials with 26% and overall GenXers with 24%.
The affinity for social networks among Affluent Millennials will push financial services providers to deliver more through social media. In fact, one in five believe social networks will eventually become the hub of all their financial information.
Status Update: It’s Already Happening on LinkedIn
In addition to the data provided through the research, LinkedIn also sees these social trends emerging on their social platform, which is very popular among Affluent Millennials. They have twice the connections, company follows, group activity and shares as the general population. But even more importantly for financial services providers, Affluent Millennials share financial content 13 times more than other LinkedIn users.
Navigating the Shift: What should financial services providers do?
To succeed among Affluent Millennials, firms must meet their new and increasing expectations for technology, services and experiences. Firms that flex to appeal to these new demands and cast a shared vision for the future will succeed in winning over this powerful generation.
Check out this infographic, How Affluent Millennials are Reshaping the Future of Finance, for a visual overview of the research findings:
For a complete summary of the research, download the whitepaper Winning Affluent Millennials: How This New Power Persona is Reshaping The Finance Industry.