There used to be a strong demarcation between someone’s personal identity and wealth management. Your personal life was your personal life and business was business. This has already started to change for older generations, but the difference is even more pronounced among Millennials and Generation Z who have spent much of their lives curating images of themselves over social media and other technologies.
One’s personal and professional identity should neither be identical nor conflicting. These personae should be complimentary. There will be significant tension if someone advocates for specific causes but invests in industries or organizations that appear antithetical to these professed beliefs. But it’s not just about feeling or appearing ethically consistent or avoiding charges of hypocrisy. It’s more soabout actively supporting what matters to them.
“They look at personal and professional interests as things representing them. If someone’s a big fan of sports, movies or science, they would like to contribute to these areas. Investments can be significantly influenced by their beliefs,” Moorjani said.
To better understand different generations or any cohort, it’s important to have sophisticated frameworks for leveraging insights from complex data sets. The Identity Applied Platform, which can create dynamic, real-time models, is one such solution that can give organizations, including wealth management firms, unprecedented visibility into these behaviors.
Moorjani said it’s important for wealth management advisers to home in on what these investments are helping to create – in ways that connect with the audiences. In a way, this part is as much about storytelling as it is investment. What matters to them? What story will connect with them?
1) Generational boundaries as defined by the Pew Research Center