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Alternative Market Briefing

BNY Mellon's Pershing study advises authenticity, transparency to attract high net-worth clients

Monday, June 19, 2017

Komfie Manalo, Opalesque Asia:

Financial advisors seeking to attract younger, high-net-worth (HNW) investors need to adjust not only their marketing strategies but also their business models to attract and retain this group of investors, said a new white paper by BNY Mellon's Pershing.

BNY Mellon's Pershing and its affiliates are serving advisors, broker-dealers, family offices, hedge fund and '40 Act fund managers. The whitepaper entitled, Gen Why? How to Succeed with Younger, HNW Clients Who Question Everything, examines the demographic and psychological factors driving decision-making among Gen X, Gen Y and Gen Z clients. It focuses on investors with $5-25 million in investable assets. It draws important conclusions about the differences and, more importantly, commonalities of these investors in order to help advisors devise a strategy for reaching these demographics.

"Younger generations are poised to earn and inherit significant wealth in the years to come," said Katie Swain, director of financial solutions at Pershing. "For advisors looking to attract and retain young HNW clients, rapid response times, authenticity and complete transparency, along with technology and social media savvy have all become absolute requirements."

Gabriel Garcia, managing director of relationship management at Pershing Advisor Solutions, adds, "A seamless digital experience and distinct brand recognition are increasingly critical......................

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