Press Release

PIMFA Millennial Forum Report on ‘Life in the 21st Century’ Launched

 30th November 2018

PIMFA, the trade association for wealth managers and financial advisers, officially launched the third in the series of their flagship Millennial Forum research, following the theme of ‘Life in the 21st Century’, at its Millennial Forum Conference, hosted by KPMG, in London’s West End.

This industry leading research initiative began with an array of member firms nominating talented millennial-age staff to join the 2018 cohort. These individuals were divided into four targeted research groups who then spent the next ten months of their lives delving into the impact of Millennials and Gen Z as the future clients and workforce for our industry.

The four groups – Ownership, Brand and Gender, Talent and Socialisation – each studied these different aspects of ‘Life in the 21st Century’ by conducting primary research with 718 survey participants. Their findings were then discussed and challenged by highly qualified subject matter experts at roundtable events. These insights were then used to create the overall final reports which was launched at the conference.

The ownership group stated that the nature of ownership is changing, that there are lessons to be learned from technology streaming services, opportunities in new channel choices and new affinity partnerships to enhance consumer experiences. The brand and gender group stated ‘not all analogue clients are old & not all millennials are digital’, that brand apathy is poison and firms should not ‘shrink it and pink it’ when dealing with clients i.e. it’s essential to cater for the individual requirements of the consumer – not make assumption related to their gender.

The talent group found that experience and talent, complimented by technology, is a primary driver in developing relationships between clients and wealth managers and that motivations vary in the millennial cohort when it comes to looking form and then remaining, in a job. Finally, the socialisation groups findings showed that a millennial’s expectations increase at pace with the developments in technology and that financial services need to keep up by investing in their IT infrastructure and utilising information from client data at key life points to improve how and when a client may choose to interact with firms.

Keynote speaker Matteo Montecci, a Teaching Fellow in Marketing at King’s College Business School, added that because of their life experiences, such as 9/11 and the global financial crisis “this generation lacks trust in the system and are, at least at the beginning of their careers, rather inward-facing but that they are changing as they grow”. In comparing Millennials with Gen Z, he remarked that “Gen Z are coming – by 2022 they will be 40% of the US workforce. They also want greater independence, at a quicker rate (than Millennials) and are redefining the concept of authority”. With both groups, however it was clear that “trust is the key target”.

Closing proceedings, PIMFA CEO Liz Field had this to say: “Our congratulations and thanks go to the four research groups, the subject matter experts and the rest of the team for producing such definitive research. Understanding the next generation’s needs and requirements should be a key building block for any wealth managers or financial adviser’s strategy. This presents both challenges and exciting opportunities for the industry.”

You can read the full PIMFA report here. PIMFA will be running the fourth forum in this series in 2019 and renaming it to ‘UB under40’.


Notes for Editors

About PIMFA – the Personal Investment Management & Financial Advice Association

  • PIMFA is the trade association for firms that provide investment management and financial advice to everyone from individuals and families to charities, pension funds, trusts and companies.
  • PIMFA represents both full and associate member firms. Full members provide a range of financial solutions including financial advice, portfolio management, as well as investment and execution services. They assist everyone from individuals and families, to charities and pension funds, all the way to trusts and companies.  Associate members provide professional services to the PIMFA community.
  • PIMFAleads the debate on policy and regulatory recommendations to ensure that the UK remains a global centre of excellence in the wealth management, investment advice and financial planning arena.  Our mission is to create an optimal operating environment so that its member firms can focus on delivering the best service to clients, providing responsible stewardship for their long-term savings and investments.
  • PIMFA was created in 2017 as the outcome of a merger between the Association of Professional Financial Advisers (APFA) and the Wealth Management Association (WMA) with a history as a trade association going back for 27 years – read more.

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