5 tips to better understand affluent clients of all ages


For financial advisors, understanding how matters of money and matters of the mind intersect is a critical part of delivering advice clients can depend on.

In an effort to better understand what makes affluent investors tick across generations, Envestnet partnered with custom research firm The Center for Generational Kinetics for a national study released this week that attempts to simplify the complex wants and needs of some of the nation’s highest earners. 

The 30-page analysis breaks down the generational nuances of affluent American investors in an effort to give financial advisors actionable insights to create greater trust among clients and beef up their practices’ offerings.

“Knowledge is power, and insight into how the needs and goals of affluent investors change as they age is key for helping advisors best serve clients and prospects over the long term,” Rich Aneser, chief strategy officer at Envestnet, said in a statement. “Based on this national study’s findings, advisors can utilize our platform and solutions to tailor the wealth management experience for clients of all ages, throughout each point in their financial journey.”  

READ MORE: How customization can keep next-gen clients from jumping ship

The study included the responses of 1,500 U.S. participants between the ages of 25 and 65. Two-thirds of the participants had an annual household income or household net worth of $100,000 or more.

Envestnet said two segments were oversampled. First, 250 participants were added in the higher-earner category and included individuals with an annual household income of $200,000 or more individually or $300,000 or more with a spouse/partner in each of the past two years.

Another 250 participants were added in the high net worth category. These individuals had a net worth of $1 million or more individually or with a spouse/partner. The national study was conducted online from March 29, 2023 to April 25, 2023.

Scroll down to see some of the key takeaways from the analysis, and pro tips on how to address each issue.


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