Press Release

WMA launches Millennials Forum

5th February 2016

The Wealth Management Association (WMA) launched its millennial forum on February 2. This consists of up and coming talent in the industry who will formulate ideas that will contribute to the continued success of the wealth management industry and address the challenging question of how to attract, engage and retain a new generation of clients. An important issue highlighted by recent Goldman Sachs research that found millennials – the current generation aged between 15 and 35 years – have the lowest share of the median income in history and started adult life with the highest levels of debt.  This is the context of the challenge for the industry.

The forum is made up of 26 millennials nominated by WMA’s member firms and represents the diversity of wealth management firms.  During the forum series attendees will have the opportunity to discuss what companies can do to engage more with millennials. Indeed, research from UBS reveals that 53% of 26-35 year olds have no pension plan and the number is 65% for 18-25 year olds and are one of the ‘least trusting and financially literate generations when it comes to investment’.

WMA Chief Executive, Liz Field comments:

“We are delighted to announce the launch of our Millennial Forum which is part of the WMA research strategy and supported by EY and IRESS.

This exciting new initiative is designed to generate new ideas for specific challenges that impact the continued success of wealth management industry.  The forum will meet 3 times in coming months to debate these key issues.  The program and discussion will be facilitated by the team and evolve through the participation and feedback of the forum members.  Working collaboratively on the topics in question the forum will then develop their ideas into a short presentation to be given to a panel of industry CEOs at the last seminar.   The outputs will be published and are likely to take the form of a thought leadership white paper.”

Simon New, Group Executive, Strategy at IRESS commented:
‘We’re delighted to support the next generation of wealth management talent and look forward to helping them shape their ideas and thinking.’

Keith MacDonald, Head of Wealth Management, EY UK commented:
“We are very pleased to support this great initiative, which is as critical for the customers of the future as it is for the wealth management industry itself.”

Notes for Editors

About the Wealth Management Association (WMA)

  • The Wealth Management Association (WMA) is a trade association that represents 186 wealth management firms (full members) and associate members who provide professional services to our full member firms.
  • WMA members firms look after over £670 billion of wealth for over 4 million retail investors.
  •  WMA full members deal in stocks, shares and other financial instruments for individuals, trusts and charities through a range of services spanning execution only, advisory and discretionary fund management.
  • The WMA exists to support its members and their clients in the following ways:
    • To be an advocate for the sector with governments, regulators and the wider financial services community;
    • To influence policy and also decision makers within the wider sector to the benefit of WMA members and their clients;
    • To research and provide definitive information about the sector as required for members and in support of the influencing and advocacy objectives;
    • To be a thought leader, to lead and stimulate debate and make members aware of emerging trends; challenging and provoking change.
    • Facilitating the sharing of good practice, enabling the membership as a whole to benefit from the latest developments affecting the sector as well as providing support to enable them to develop good prescribe and overcome challenges.
  • WMA firms operate across more than 580 sites, employing over 32 000 staff.
  • These firms also run over 5.5 million client portfolios and carry out over 20 million trades a year.


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