You may be highlighting the importance of goals during the financial planning process. But have you considered why investors may have the goals they do?
Program Overview
The Changing Faces of Wealth: Dimensions & Insights® program was created to help financial professionals continue to develop meaningful connections and initiate important conversations with the evolving dimensions of investors. Franklin Templeton, in partnership with Chadwick Martin Bailey, conducted quantitative and qualitative research to explore six dimensions. We surveyed and interviewed over 2,300 individuals from different backgrounds and professions to better understand their unique investing needs, advisor attributes they value, how to earn their trust, and more.
Through the survey and personal stories, we observed the nuances between culture, race, sexual orientation and gender identity/expression and how that may impact financial philosophies. As we share our findings and research, we hope to provoke a conversation, fueled by the data, the experiences, and stories of real people.
We start with six diverse segments of changing client demographics: Women Over 50, Latino & Hispanic, Asian American & Pacific Islanders, Black & African Americans, LGBTQ+ and Millennials. Through the lens of four themes, we explore ways to better understand these dimensions’ unique investing needs:
Addressing Your Clients' Unique Needs
Building Trust with Your Clients
Your clients have unique perspectives shaped by their own life experiences that vastly impact the trust that they have in you, as their financial professional. So, what are the attributes you need as a financial advisor to gain the trust of your clients?
Building Client Confidence
Are your clients missing out on investment opportunities because they don't feel confident enough to make certain decisions or take certain risks?
Becoming the Advisor of Choice
Why does an investor choose one financial professional over another? Through Franklin Templeton’s proprietary research, we explore the attributes each dimension values in their financial professionals and the attributes that matter most when searching and selecting a financial advisor.
Recognize Catalysts Driving Innovation and Change
The Great Wealth Transfer continues with $84.4 trillion set to pass from older generations to their heirs through 2045. $53 trillion will transfer from households in the Baby Boomer generation.1 Those inheriting constitute a generation much more diverse than the previous.
Each generation’s wealth management often includes new priorities, principles and products that may differ from those of prior generations.
This creates a tremendous opportunity for financial professionals to evolve their business practices to better meet the needs of the clients of the future.
A Fact to Consider
The nation’s population has diversified significantly over the last 10 years.
Identify Emerging Segments for Wealth Management
An individual’s identity is complex and nuanced. It is comprised of multiple intersecting factors that may include ethnicity, race, religion, sexual identity or orientation, age, disability, migrant status or socioeconomics.
The six dimensions of investors featured in this program represent just a portion of our diverse world. There are many aspects of identity to consider. The conversations start with:
- Asian American & Pacific Islanders
- Black & African Americans
- Latino and Hispanic
- LGBTQ+
- Millennials
- Women Over 50
Asian American & Pacific Islanders
Black & African Americans
Dimension Highlights
Changing Faces of Wealth Dimension Highlights for Black & African American investors
Latino and Hispanic
Dimension Highlights
Changing Faces of Wealth Dimension Highlights for Latino and Hispanic investors
LGBTQ+
Millennials
Women Over 50
Dimension Highlights
Changing Faces of Wealth Dimension Highlights for Women Over 50 investors
Dimensions & Insights
Global Inclusion
We believe having a more inclusive firm will deliver better outcomes for our clients, employees and shareholders.
1. Source: “Cerulli: Press Release: Cerulli Anticipates $84 Trillion in Wealth.” Cerulli Associates, 2022. Ages 56–74 as of year-end 2020.
All investments involve risks, including possible loss of principal.
This material is intended to be of general interest only and should not be construed as individual investment advice or a recommendation or solicitation to buy, sell or hold any security or to adopt any investment strategy. It does not constitute legal or tax advice.