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Earn tomorrow's clients
The clients you serve tomorrow will be different from those you serve today. BlackRock can help you earn tomorrow’s clients and grow your business for the future.
Tomorrow's clients
01
Retiring investors
Unsurprisingly, most wealth in Australia lies in the hands of baby boomers who are approaching or in retirement. However, in the coming years boomer wealth is expected to grow more slowly than succeeding generations.
02
Emerging investors
Millennials are expected to inherit approximately $3.5 trillion by 2050.1 By 2030, the income of Gen Zs is projected to be $33 trillion, constituting 27% of global income.2
03
Diverse communities
Women, the LGBTIQ+ community and racially diverse communities have historically been underrepresented in the wealth management industry, but now hold growing pockets of investable assets.
Engage retiring investors
Clients approaching retirement will often switch from wealth accumulation pre-retirement to managing withdrawals as they transition to decumulating their savings during retirement. While managing wealth is a significant component of retirement, centring conversations around wellbeing is key to ensuring clients are building the life they envision.
Engage emerging investors
Emerging investors – consisting largely of Millennials and Gen Zs – have different needs and values than that of today’s average client. Whether it’s views about investing, personal outlooks or retirement, advisers should start with understanding the unique needs of emerging investors to enable innovative delivery of solutions and advice to better accommodate for this segment.
$3.5
TRILLION - the amount Millennials are estimated to inherit by 2050.
AFR, “Baby Boomers to pass on $224b a year by 2050,” 2021.
Engage diverse communities
35%
of global wealth will be held by women by 2025
More wealth will be held by women. In 2016, women held 31% of global wealth. This rose to 33% in 2020 and is expected to reach 35% by 2025.
18%
of Generation Z are attracted to the same sex
More of tomorrow’s clients will identify as LGBTIQ+. 7% of Baby Boomers identified as being attracted to the same sex. Compare this to 12% of Millennials and 18% of Gen Zers.
48%
of Australians have a parent born overseas
More of tomorrow's client's will be racially diverse. 24% of Australians speak a language other than English at home, while 350+ different languages are spoken at home.
Source: UBS, “Women and investing: Reimagining wealth advice,” 2022; IPSOS, “LGBT+ Pride 2021 Global Survey points to a generation gap around gender identity and sexual attraction,” 2021; ABS, “2021 Census: Nearly half of Australians have a parent born overseas,” ABS, “2021 Census: Nearly half of Australians have a parent born overseas,” 2022; ABS, “Cultural diversity: Census,” 2022
Women are wielding more power
Women are well on their way to holding larger pockets of wealth in Australia. There are now more women interested in seeking financial advice who are likely to have different investment preferences, priorities and values, when compared with men.
More of tomorrow’s clients will identify as LGBTIQ+
LGBTIQ+ clients continue to face ongoing discrimination, so it is not surprising that the community is reluctant to seek financial education and advice. In fact, only 15% of LGBTIQ+ investors feel knowledgeable about their finances and 25% feel secure for retirement.3
Appreciate the racial diversity of tomorrow’s clients
The wealth held by racially diverse groups and underrepresented communities continues to increase, stressing the need to foster cultural competency and inclusion to better understand and deliver services tailored to the unique experiences of these communities.
Contact our team today
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1 AFR, “Baby Boomers to pass on $224b a year by 2050,” 2021. There is no guarantee that any forecasts made will come to pass.
2 AFR, “Baby Boomers to pass on $224b a year by 2050,” 2021. There is no guarantee that any forecasts made will come to pass.
3 Experian LGBTQ+ Money Survey 2018; CMI 13th Annual LGBTQ+ Community Survey 2019; Out&Equal Workplace Equality Factsheet 2019.
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