07.17.24

‘Finfluencers' Have Davos Set Rethinking Future of Wealth Advice

by: Francesca Maglione

A looming $73 trillion wealth transfer to younger generations is drawing attention to the rise of social media as a tool for financial advice among Gen Z and millennials, according to a report by the World Economic Forum (WEF). “Finfluencers” are helping drive the democratization of financial information, a trend that is shaping investing behaviors, the report said. The report also noted that by 2030, women are poised to control a significant portion of the $30 trillion held by baby boomers in the United States. And while Gen Z and millennials are entering the financial markets earlier than other generations, the financial services industry needs to innovate and adjust how it delivers advice, WEF said. The WEF identified trends it said are important for the financial advice sector: changing demographics; goals of holistic financial well-being; the need for digitally accessible and highly personalized advice; transparent and fair pricing and growing social media reliance.

Read the full article on Bloomberg