According to the latest findings, affluent and mass-affluent households with $100,000 to $1 million in investable assets are projected to skyrocket from $2.7 trillion in 2021 to a staggering $4.7 trillion by 2026. This incredible growth represents a golden opportunity for banks and wealth managers, with an estimated $20-25 billion in incremental revenue out of a total growth of $40-45 billion.
There are important important personas in these profitable segments - the Practical Achiever and the Discerning Expert
- The Pragmatic Striver values family and simplicity, seeking personalized financial solutions to meet their goals. They crave a trusted, human touch and exclusive deals while focusing on their basic life needs.
- Demanding Veteran prioritizes retirement and desires real-time tracking across multiple institutions. They seek unbiased information and personalized guidance from their relationship managers, all in pursuit of optimizing returns through an experience-based journey.
- To capitalise on this untapped potential, wealth managers must dive deep into understanding these personas. This means designing personalised solutions that align with their financial goals and lifestyle. Immerse yourself in their world, putting yourself in their shoes to truly understand their needs and expectations. Only then can you create solutions that resonate, build trust, and foster long-term relationships.