The Great Wealth Transfer: Multi-Generational Marketing for Wealth Managers

As wealth transfers from one generation to the next, wealth management firms face a unique challenge: tailoring strategies that engage clients across multiple generations. The upcoming $84 trillion “Great Wealth Transfer” will primarily benefit Gen X, Millennials, and Gen Z, with Boomers passing down wealth like never before. But how can wealth managers effectively communicate with each generation to ensure seamless transfers? The key lies in understanding their values, communication preferences, and the digital tools that can bridge generational divides.

At Defiance Analytics, we specialize in developing advanced, personalized strategies that help wealth management firms navigate this complex terrain. Read on for actionable insights to master this multi-generational shift and see how our approach could amplify your client engagement efforts.

How to Connect with Baby Boomers

Baby Boomers control nearly 50% of U.S. wealth, making them the most critical demographic in this transfer. However, Boomers are rooted in tradition and value long-standing relationships with brands. They prioritize loyalty and personal interactions, trusting wealth management firms that demonstrate reliability over time. This generation grew up in an era of face-to-face meetings and mailed statements, so they are comfortable with physical touchpoints.

Boomers gravitate towards tangible communication methods like direct mail, with 91% checking their mail daily and 82% more likely to buy from businesses that send them physical mail. Personalized, well-designed direct mail campaigns are crucial for engaging them. Messages should focus on legacy, stability, and a long-term commitment to their financial future.

In addition to direct mail, Boomers appreciate in-person seminars or educational workshops where they can ask questions and build a trusting relationship with their advisor. Offline experiences play a significant role in nurturing these relationships, and combining them with subtle digital reinforcements, like follow-up emails or social media posts, creates a well-rounded engagement strategy.

Key considerations for marketing to boomers:

• Direct mail campaigns: Personalize and customize communications, addressing their financial legacy.
• Face-to-face meetings: Offer in-person or virtual consultations and educational seminars to reinforce trust.
• Brand messaging: Focus on legacy, reliability, and long-term security to align with their values.

These strategies help maintain Boomers' trust, which is essential for managing the wealth transfer while fostering loyalty across generations.

Engaging Millennials with Digital Tools

Millennials are often referred to as the “digital-first” generation, and they expect seamless online experiences. With this generation set to inherit a significant portion of the wealth being passed down, it’s crucial for wealth management firms to meet them where they are: online.

Millennials prefer interactive digital tools that offer transparency and control over their investments. According to a Bank of America study, 75% of Millennials believe traditional stocks and bonds alone cannot generate above-average returns. Instead, they are drawn to sustainable investing and impact-driven choices that align with their values. Their focus on ESG (Environmental, Social, Governance) issues means they look for firms that prioritize social responsibility.

To effectively engage Millennials, it’s essential to adopt a multi-channel approach. Use social media platforms like LinkedIn for thought leadership and Instagram for behind-the-scenes looks at your firm’s culture and impact. Social media advertising campaigns targeted specifically at Millennials can bring awareness to how your firm integrates sustainability into investment strategies. 

Additionally, influencer marketing plays a pivotal role in capturing their attention. Millennials trust recommendations from influencers they follow, and partnering with the right voices can build credibility and trust for your brand.

How to capture millennial attention:

1. Leverage social media: Use a mix of platforms like LinkedIn, Instagram, and even TikTok to promote your firm’s values and expertise.
2. Sustainable messaging: Highlight how your firm offers ESG-focused investment options that reflect their commitment to the environment and social issues.
3. Influencer partnerships: Collaborate with influencers or thought leaders in the financial space to boost trust and expand your reach.

By using these digital-first strategies, your firm can meet Millennials on the platforms they frequent, helping build long-term relationships that will carry through their wealth accumulation years.

Reaching Gen Z with Innovation

Although Gen Z is the youngest generation involved in the wealth transfer, they already exhibit distinct preferences when it comes to how they manage their finances. Raised in the era of instant access and on-demand information, Gen Z expects wealth management to be as seamless as ordering food through an app. They crave personalized, real-time engagement and have little patience for slow, outdated processes.

To connect with this group, wealth management firms need to embrace cutting-edge digital tools. Apps with real-time investment tracking, mobile platforms with intuitive user interfaces, and AI-driven portfolio management tools are essential to keeping Gen Z engaged. Gen Z values flexibility and customization, so offering a range of investment options, including cryptocurrency, alternative investments, and tech-driven assets, will resonate with their desire for innovation.

Gen Z is also more likely to engage with content in short-form video formats. TikTok and YouTube are key platforms where wealth management firms can educate and engage this younger audience. Videos that demystify financial jargon or provide bite-sized advice can quickly capture Gen Z’s attention, making financial literacy a fun and digestible experience.

Innovative strategies for Gen Z:

• Mobile-first engagement: Ensure your firm offers mobile apps with real-time tracking and personalized features.
• Video content: Use platforms like TikTok and YouTube to share short-form videos that provide financial advice and investment tips.
• Offer flexibility: Provide investment options in emerging areas like cryptocurrency and alternative assets, aligning with their innovative mindset.

These strategies align with Gen Z's need for personalization and innovation, ensuring your firm remains relevant as this generation starts managing wealth.

Creating a Consistent Brand Message

With such diverse generations to market to, wealth management firms must have a strong brand identity that resonates across these age groups. The key to successful multi-generational wealth transfer marketing lies in consistency. While each generation may have distinct preferences, your brand’s core message must remain unified.

Your brand should reflect values like trust, expertise, and forward-thinking solutions—qualities that resonate across generations. Whether communicating with Boomers through direct mail or engaging Gen Z through mobile apps, your messaging should consistently emphasize your firm’s commitment to excellence in managing wealth.

Positioning your brand as a thought leader in wealth management is also essential. This can be achieved by creating content that educates and empowers, such as blogs, webinars, and white papers. Offering insights into how each generation can optimize their investments not only builds credibility but also fosters deeper client relationships. Keep your offline and online presence aligned—clients should experience the same level of professionalism, whether they’re attending a seminar or reading your latest blog post.

Brand messaging best practices:

• Consistency: Maintain a unified brand voice across all communication channels, from direct mail to digital platforms.
• Positioning: Emphasize your firm’s leadership in wealth management through educational content and thought leadership.
• Cross-generational appeal: Align your messaging with values like trust and innovation that resonate with all generations.

By unifying your brand’s messaging across all platforms, you build a cohesive client experience that fosters trust and loyalty across generations.

Blending Online and Offline Experiences

In today’s market, blending online and offline experiences is critical to ensuring that your wealth management firm appeals to every generation. For Boomers, hosting in-person seminars or estate planning workshops provides them with a tangible, trusted experience. At the same time, supporting these efforts with digital follow-ups—such as personalized emails or videos summarizing key points—ensures that you’re staying connected after the event.

For Millennials and Gen Z, the primary engagement will likely occur online, but integrating occasional offline touchpoints, such as invitations to VIP events or live-streamed panel discussions, can add a layer of personalization and exclusivity. The combination of online convenience and offline trust-building provides a holistic experience that appeals to all generations.

Blending online and offline approaches:

• For boomers: Organize in-person events and reinforce the experience with personalized digital content afterward.
• For millennials and Gen Z: Focus on digital engagement but incorporate occasional exclusive offline experiences, such as event invitations or consultations.

When executed properly, blending both online and offline experiences creates a seamless journey that meets the expectations of each generation, ensuring high engagement and satisfaction.

The Next Steps

By leveraging these strategies, wealth management firms can seamlessly market across generations, ensuring that each client—whether Boomer, Millennial, or Gen Z—feels understood, valued, and engaged. As we enter this unprecedented period of wealth transfer, it’s more critical than ever for firms to be adaptable and forward-thinking in their marketing and communication approaches. 

The ability to personalize strategies for each generation will not only secure more clients but will also strengthen long-term loyalty. Firms that embrace both traditional and digital tools will be better positioned to stand out in a highly competitive market. 

Defiance Analytics can help you create and execute these tailored marketing strategies, ensuring your firm thrives through this historic wealth transfer while fostering meaningful relationships across generations. Book a demo with us today to see how.

Frequently Asked Questions

How much wealth is being transferred to Gen X, Millennials, and Gen Z?

Over $84 trillion in assets is set to change hands over the next two decades, with $72.6 trillion going to heirs.

How do Boomers prefer to communicate with wealth managers?

Boomers tend to trust traditional methods like direct mail and personalized face-to-face interactions, valuing loyalty and trust in their relationships with financial professionals.

What are the top priorities for Millennials when it comes to investing?

Millennials focus heavily on sustainability and impact investing, preferring to align their investments with causes like environmental and social responsibility.

What digital tools should firms use to engage Gen Z?

Gen Z expects real-time engagement and personalized digital experiences. Utilizing apps, mobile platforms, and short-form video content can keep them engaged.