Earn tomorrow’s clients | Practice management

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

Australians over 60 are expected to transfer over $3.5 trillion to younger generations by 2034.¹ By 2030, the global income of Gen Zs is projected to be US$36 trillion.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.

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, centering conversations around wellbeing is key to ensuring clients are building the life they envision.

Learn about Reframing Retirement Learn about Reframing Retirement

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 Australians over 60 are expected to transfer to younger generations by 2034

Source: NAB, 11 November 2024

Engage diverse communities

5.7%

annual growth in female millionaires in Australia, vs 3.6% growth in male millionaires

17%

of generation Z identify as LGBT+

31.5%

of Australia’s population were born overseas

Source: JBWere, The Growth of Women and Wealth, March 2024. LGBT+ Global Pride Survey 2024. Australian Bureau of Statistics, June 2024.

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.

Women, Wealth and Wellbeing Women, Wealth and Wellbeing

LGBTQ+ clients continue to face ongoing discrimination, so it is not surprising that the community is reluctant to seek financial education and advice. In fact, more than 60% of the LGBTQ+ community feel they are not saving enough for their future.³

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.

Take the next steps to prepare for tomorrow’s clients

Getting to know tomorrow’s clients and what they need is key to earning the trust of tomorrow’s clients. Take steps today to start preparing your practice for success with these clients through these four key areas.