$30 Trillion Boomer Giveaway Could Pay National Debt, Twice
"Gen-Xers and Gen-Yers have been far less loyal to their investment providers over the last few years compared to Boomer and Silent Generation investors, indicating that young consumers have yet to find their ideal investment providers," offers Sophie Schmitt, a senior analyst with the firm. According to the study:
Scivantage says that banks, in particular, are going to have to adjust their businesses plans if they want a bigger slice of that $30 trillion generational transfer from Boomers to Millennials.
"Online investing capabilities are now second nature to Gen-X and Gen-Y investors and will be a requirement for banks that want to attract future high-net-worth or current affluent members of this segment," explains Chris Psaltos, a product management executive at the company.
"As younger, tech-savvy investors look for greater control of the investment decision-making process, wealth management firms, particularly banks, must ensure that their online investment platforms are keeping pace with the latest consumer technology innovations," Psaltos adds.
Meeting the technology demands of younger financial consumers may not be at the top of the priority list for banks and investment firms. But if they want to get a piece of the $30 trillion action, they better get wise to the needs of Spooners and sons and daughters of Spooners. After all, before long it will be the time for Son of Spooner to become the one with the biggest silver spoon ever feeding his wealth.
More on family wealth:
Boomers Blowing Your Inheritance on Bali, Gambling
How to cut taxes on your nest egg.
10 things Boomers should never do with their money
--By Brian O'Connell