Lisa Gray

ContactLisa Gray has been a wealth writer since 2001. She has been involved in the wealth management industry since 1988. She is the author of two bestselling books—The New Family Office and Generational Wealth Management.
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graymatter Strategies LLC

US Trust Study Shows Critical Impact Of Generational Differences On Investment Management edit
Tuesday, June 19, 2012 08:59

Tags: Advisor businesses | client communications | client loyalty | marketing

A recent US Trust study points to the fact that different generations have different views on spending, financial responsibility, and investing. It shows the critical nature of both recognizing and understanding various generational views on almost all financial and investment related topics and how those views impact your business.

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It also highlighted the strong relationship building aspects that generational prowess can offer. The study covered three groups—those between 18 and 45 (which is really two generations, not one)—Baby Boomers (age 47 to  66), and those age 67 and up.
 
The generations on either side of the Boomers held similar views on the importance of passing on a legacy. This is no surprise to generational authorities since alternating generations typically hold more similar views than succeeding ones. But there are factors that distinguish each generation.
 
For example, older generations typically have not discussed wealth related topics with family members because money was not an appropriate topic of conversation in the environment in which they grew up. Conversely, younger generations today want to know more and want to be informed about and participate in investment decisions. They also want greater customization in performance reporting.
 
The study garnered 642 respondents with a minimum of $3 million in investible assets. Ongoing research of this type will yield greater incorporation of generational differences into  wealth management and investment strategy design.

 

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