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.”