I spend a lot of time speaking to global financial organizations —some of the world’s largest institutions — helping them understand what they need to do from an innovation perspective to stay ahead offast paced change.
These talks are often aimed at the idea of “how do we need to transition our advisory services — as financial planners,investment advisors, wealth managers — to keep up with fast paced change?” No where is that question more important than when thinking about the impact of technology and social networks on investing. Think about the change that the investment industry faces. We are witnessing the early stages of a massive transition of wealth from one generation to another. The numbers are staggering: we’ll see $12 to $18 trillion in intergenerational wealth transfer In the next12 years (US GDP is $12 trillion) in North America; and by 2053, some $130 trillion will have moved from one generation to another.
When it comes to financial services, adopt change as a mantra and prepare yourself to reach, support and interact with Gen-Connect in new and different ways.
That’s a lot of money sloshing around — and much of it is going to a new, tech-savvy financial consumer.
This next generation — I call them Gen-Connect — continue to aggressively integrate technology into their lives; they’re busy researching health care, insurance, retirement planning and investment advice online, on Facebook and through other social channels.
So what do you do? Adopt change as a mantra and prepare yourself to reach, support and interact with Gen-Connect in new and different ways.
Here’s a list of innovation strategies I provided in a recent keynote for a major global financial institution
1. Focus on growth
With so much volatility in the financial sector, it’s all too easy to take your eye off of the “opportunity ball.”
Yet there are huge opportunities that surround us ; probably the biggest is that we are going to witness a massive intergenerational transfer of wealth from the baby boomer generation to their uber-wiredGen-Connect children. In every area of the world this is going to involve a requirement for a lot of financial advice. As I noted in my remarks for a recent keynote to a group of senior Continue Reading