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[pullquote]This is a quick-shifting generation and if you haven’t connected with them on a brand level by the time they are 30, they will leave your brand. [/pullquote]

Years ago, the majority of high-net worth clients inherited their fortune; however, a new study has found the majority of these clients are now entrepreneurial.

According to Liz Nichols, senior VP and chief marketing officer at New York-based FIT Consulting, “…today, 80% of high-net worth wealth is actually entrepreneurial rather than inherited, which means that advisors need to change their approach toward Generation Y, the beneficiaries and often the creators of wealth.”

Advisors need to learn who their target market is and must also learn to adapt to the ever changing generations in order to accumulate these assets. According to Nichols, “Gen Y’s anticipated wealth…is upwards of $30 trillion.”

This generation is significantly younger than most advisors and may make it difficult for advisors to understand their motivations. They are more socially and environmentally conscious, have more knowledge than many using computers and electronics, and aren’t just motivated by money.

Nichols stated, “…advisors and institutions must pay attention to the idea of branding. This is a quick-shifting generation and if you haven’t connected with them on a brand level by the time they are 30, they will leave your brand.”

Advisors should research what motivates this generation, market their services on social networking sites and focus their efforts now before it’s too late.