Looking to Attract Younger, High-Net-Worth Clients? Focus on Authenticity and Transparency

June 15, 2017

BNY Mellon’s Pershing releases new whitepaper offering guidance on the steps advisors need to take to meet the demands of the next generation of investors

SAN DIEGO, CA, June 15, 2017—BNY Mellon’s Pershing today launched a new whitepaper, “Gen Why? How to Succeed with Younger, HNW Clients Who Question Everything ,” sharing tips on how advisors can attract younger, high-net-worth (HNW) investors. According to the findings in the paper, financial advisors need to adjust not only their marketing strategies but also their business models to attract and retain this group of investors. 

The paper examines the demographic and psychological factors driving decision-making among Gen X, Gen Y and Gen Z clients—with a focus on investors with $5-25 million in investable assets. It draws important conclusions about the differences and, more importantly, commonalities of these investors in order to help advisors devise a strategy for reaching these demographics.   

“Younger generations are poised to earn and inherit significant wealth in the years to come,” says Katie Swain, ‎director of financial solutions at Pershing. “For advisors looking to attract and retain young HNW clients, rapid response times, authenticity and complete transparency, along with technology and social media savvy have all become absolute requirements.” 

Gabriel Garcia, managing director of relationship management at Pershing Advisor Solutions, adds, “A seamless digital experience and distinct brand recognition are increasingly critical to building a successful advisory business. In reaching younger clients, advisory firms would benefit from looking at the business models of retail and technology companies like Amazon, as well as branding approaches of iconic luxury brands like Ritz-Carlton and Rolex.” 

With billions of dollars at stake as the next generation accumulates unprecedented wealth, firms looking to attract and retain these investors must revisit their strategies to incorporate cutting-edge, digital capabilities, socially responsible investment offerings and consistent authenticity. 

Key takeaways for advisors include:

  • Actively manage time. Time is a limited resource to be spent wisely. Younger investors want to work with advisors who use their time as efficiently as possible—interactions should be polite but productive and to the point.
  • Meet them where they are (online, mobile). Advisors will not find many millennials on the golf course. Younger investors are hyper-connected, relying on their devices to save them time and keep them up to speed, and expect their advisors to do the same. More touchpoints but of shorter durations with email and text are preferred, while video chat is preferable to face-to-face meetings.
  • Align your business to a broader mission. In addition to providing an array of socially responsible investment offerings, advisors should champion a social cause that’s of real importance to them, and clearly communicate how this commitment ladders back to the core values of their business.
  • Skip the standard pitch. Younger investors want to feel they have the necessary information to make smart, informed financial decisions. With that in mind, advisors should consider curating podcasts, short videos and objective investment insights to keep clients informed and involved.


For more information, and to download “Gen Why? How to Succeed with Younger, HNW Clients Who Question Everything,” please visit https://www.pershing.com/perspectives/how-to-succeed-with-younger-hnw-clients-who-question-everything.

About BNY Mellon's Pershing

BNY Mellon’s Pershing and its affiliates provide advisors, broker-dealers, family offices, hedge fund and ’40 Act fund managers, registered investment advisor firms and wealth managers with a broad suite of global financial business solutions. Many of the world’s most sophisticated and successful financial services firms rely on Pershing for clearing and custody, investment and retirement solutions, technology, enterprise data management, trading services, prime brokerage, managed account technology and operations and business consulting. Pershing helps clients improve profitability and drive growth, create capacity and efficiency, attract and retain talent, and manage risk and regulation. With a network of offices worldwide, Pershing provides business-to-business solutions to clients representing more than seven million investor accounts globally. Pershing LLC (member FINRA, NYSE, SIPC) is a BNY Mellon company. Professionally advised managed accounts are offered through its affiliate, Lockwood Advisors, Inc., which is an investment adviser registered in the United States under the Investment Advisers Act of 1940. Additional information is available on pershing.com, or follow us on Twitter @Pershing.

About BNY Mellon

BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment and wealth management and investment services in 35 countries. As of Dec. 31, 2020, BNY Mellon had $41.1 trillion in assets under custody and/or administration, and $2.2 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK).Additional information is available on www.bnymellon.com. Follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for the latest company news.