Welcome to the New Age of Wealth Management
About a 2 min. read
Many of our financial services clients are seeking the holy grail of consumers: the High Net Worth (HNW) individual. Getting this segment onboarded with multiple products, forging deep relationships with them that last, and knowing how to target the next generation of HNW, are all part of the goal.
But what happens when those we label “HNW” just don’t see themselves as such?
Even though these individuals aren’t self-selecting themselves into that category, that doesn’t mean they aren’t still the right target for products and services for people with – yes – High Net Worth. However, financial services firms need to meet consumers where they are, which may require shifting the narrative, renaming HNW, and creating messaging that resonates, is inclusionary, and isn’t internal jargon.
In our self-funded research on young investors, we have seen that much of traditional messaging doesn’t work. So, as younger generations (Millennials and Gen Z) become HNW investors, why would we think that would change? Remember, these generations are digital natives, and are used to born-online/DIY services (think SoFi, Venmo, Wealthsimple).
The HNW term itself is jargon we could do without. Younger investors reject terms that make them feel like they have a “target on their back.” Would it be awful to say, “people with $X in assets”? That’s not to say there aren’t some who seek and embrace the moniker. However, as we segment to different needs, beliefs, demographics and/or other characteristics, we can build differentiated approaches to various kinds of people with wealth/assets. This gives consumers a bespoke experience and evokes feelings that they never knew existed.
Emotion mapping can get to the core of human emotions and identify messaging that will help to better resonate with the right audience. Using AI, we uncover the emotional journey and extract what drives consumers and how to drive their connection to your brand and marketing. Perhaps most importantly, brands can better understand and respond to unique consumer needs and provide much needed authenticity.
By seeing what generates positive energy and engagement, you can predict and then build the right pathway for the next generation of HNW. Looking to identify how you can leverage emotional mapping to target the right audience at the right time, and with the right message? Let’s start the conversation, contact us today.