$84 trillion.
That's how much wealth will change hands over the next twenty years, according to consulting firm Cerulli Associates — about four times the US's gross domestic product.
And $72 trillion of it will go to Millennials and Gen Zers, 74% of whom expect wealth managers to be at least as good at digital as Amazon, Apple, and Google, according to Deloitte.
But it's not just what The New York Times has called "The greatest wealth transfer in history" that's reshaping wealth management.
The proliferation of roboadvisors — algorithm-based investing apps like Acorns and Robinhood — has made the sector accessible to customers who don't fit the traditional "ultra-rich" profile, thanks to simpler eligibility requirements and user-friendly app interfaces.
Needless to say, shifting demographics are also bringing about a change in what customers want — indeed, expect — from wealth management services. And a smooth, frictionless, digital-first experience is top of the list.
So which US based banks and challengers are best-placed to serve this new breed of customer? And which ones are lagging behind?
We used our digital banking research platform FinTech Insights to explore and evaluate the current state of the market.
Read the full article and the findings of the research on the Financial Brand.
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