Coming Of Age: Fintech Companies Should Move On From Millennials

These days, for consumer fintech companies in wealth management it is all about the Millennials. However, Millennials are the generation with more debt than any prior generation thanks to things like student loans. According to the Deloitte Center for Financial Services, Millennials today have just 4% of the nation’s wealth, compared to 50% for Baby Boomers and 33% for the Silent Generation. And while it’s true that the Silent Generation will, over time, pass their wealth on, most of their money will go to Baby Boomers. In order for wealth management fintechs to succeed, they too will need to go where the money is, and evolve to capture non-Millennials as customers: currently, there are $23.2 trillion in retirement plans, the vast majority of that owned by Baby Boomers.

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