Navigating the Evolving Landscape of Wealth Management and Investment in 2024

Navigating the Evolving Landscape of Wealth Management and Investment in 2024

Updated: May 31, 2024
3 minutes read

The wealth management and investment landscape in the United States is rapidly evolving, with brands adapting to meet the needs of a diverse array of investors. In 2024, we’re seeing a surge in affluence, with a notable 23% rise in the number of US billionaires since 2020 and nearly 22 million millionaires as of 2023. This growth is largely attributed to the recovering stock market and soaring housing prices.

Amidst this wealth expansion, brands are refining their targeting tactics to capture investors at every stage of their journey. For new investors, particularly Gen Zs and Millennials, non-traditional investment offerings like crypto, AI-powered advisors, and social investing functions are gaining popularity. These innovative products are not just a trend but a sign of the times, as trust in these options grows.

Financial wellness and education are also at the forefront of the investment journey. The “Loud Budgeting” movement, for example, is empowering younger consumers to be more intentional with their finances, and brands can leverage this on social media to inspire others.

For the mass affluent, personalized guidance is key. Investment brands such as Goldman Sachs and Charles Schwab are aligning with the preferences of this demographic by offering personalized attention and strategies for growing generational wealth. Paid social media is emerging as a valuable channel for these brands to connect with their audience.

Source: Comperemedia Omni [01/01/2023-12/31/2023} as of 03/13/2024
Source: Comperemedia Omni [01/01/2023-12/31/2023} as of 03/13/2024

In addition to connecting to this cohort’s aspirations to build generational wealth, brands are also working to understand and engage with specific investor segments, such as women and couples, by tailoring their messaging and services to meet their unique needs.

The upper affluent and ultra-high net-worth individuals are not left behind. Brands are fostering long-term loyalty with this group by focusing on their advanced investing knowledge and financial goals. Direct mail initiatives and private events are just some of the ways brands are engaging with this exclusive segment.

For prospects, Morgan Stanley held an educational dinner on retirement planning, while Tinker Federal invited clients to a charity gala. Such events not only foster deeper connections and build loyalty, but also show the brands’ commitment to understanding unique customer needs.

Source: Comperemedia Omni [01/01/2023-12/31/2023} as of 03/13/2024

In conclusion, the wealth management and investment trends of 2024 reflect a dynamic market where personalization, innovation, and education are crucial. Brands that understand and adapt to these trends will be well-positioned to attract and retain investors across all demographics.

For more insights and to explore how your brand can leverage these trends, consider booking a demo with Mintel Leap, our closed-loop AI platform.

Marisa Frys
Marisa Frys

Marisa Frys is a digital marketing analyst, specializing in omnichannel insights and digital marketing strategies with a focus on mortgages and loans.

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