Heightened Consumer Expectations Of A Seamless, Personalised Experience
The financial services landscape is being reshaped by various forces, including an expanding, diversified client base with rising expectations, new ways of working powered by technology, fast regulatory change, geopolitical volatility and aggressive new entrants with efficient business models.
As we continue to navigate the 21st century, we’ll witness monumental demographic shifts that will undoubtedly reshape our world. One of these megatrends is the ageing population. This trend, alongside others, carries profound implications for society and the economy, but it also presents an unprecedented opportunity for long-term investors.
Understanding Demographic Trends
Investors who can identify and understand these demographic trends have the potential to leverage them for enhanced returns. Not only can they achieve financial growth, but they can also contribute positively towards a more inclusive society.
Our world is becoming more diverse and complex, and our societies are gradually moving towards embracing this diversity. As such, investments in sectors and industries catering to these changing demographics could prove profitable and socially responsible.
Yielding Substantial Returns
For instance, the ageing population trend suggests increased demand for healthcare services, elderly care, pharmaceuticals, and retirement-focused financial products. Investing in companies and sectors focusing on these areas could yield substantial returns.
Moreover, by investing in such sectors, investors indirectly support the creation of a more inclusive society. They contribute towards sectors that cater to the needs of older people, ensuring that they are included in the rapidly changing world.
Client-Centricity Is The New Mantra
Online business for many has also become the norm since the pandemic, with heightened consumer expectations of a seamless, personalised experience. Client-centricity is the new mantra via mobile apps, ‘always-on’ multichannel advice, and convenient and secure self-service capabilities.
Higher-net-worth clients, in particular, want timely updates on the latest investment opportunities. New segments, notably ambitious young consumers and entrepreneurs, are emerging, whose rising affluence is fuelled by wealth transfer from their ageing baby boomer parents.
Multi-Generational Wealth Transfer
Many seek services, products and investment strategies historically limited to wealthier clients. Add to this the growing wealth among women and a client marketplace that now includes five generations.
Financial advice firms must consider the topics and trends of multi-generational wealth transfer, the implementation of digital and hybrid business models, the introduction of digital assets, and the increasing concern for environmental and social issues.
Prepared To Reallocate Resources
To thrive in this dynamic environment, firms must prioritise growth, adopt an innovation mindset, and be prepared to reallocate resources in response to the changing context rapidly. Above all, setting goals is a crucial part of any successful business. For this reason, you can measure your progress with plans and determine whether you’re on track to achieve your overall objectives.
Now is the perfect time to reassess your firm’s business goals and ensure they’re still relevant and achievable. What do you want to achieve with your business in the coming year? Be as specific as possible so you can create measurable goals that will help you track your progress. When do you want to achieve each goal? A timeline will help you stay on track and ensure your goals are realistic.
Purpose And Motivation To Achieve Results
Make sure everyone in your firm knows your business goals for the coming year or, better still, the next five years. This will help ensure everyone is working towards the same objectives and hold yourself accountable for achieving your goals. Set up systems and reviews to ensure you’re on track, and don’t be afraid to alter course if necessary.
As a business owner or leader, you can track progress and make necessary adjustments by having specific and measurable goals. Additionally, goal setting will give your employees a sense of purpose and motivation to achieve results.
When developing goals, it is essential to keep the following factors in mind:
- The purpose should be specific and measurable
- The goal should be achievable and realistic
- The goal should be relevant to the company’s overall mission and vision
- The goal should have a timeframe associated with it
Track Progress And Identify Roadblocks
If a goal meets only some of these criteria, it may be necessary to revise it. Once goals are established, it is important to communicate them to all team members so everyone knows what needs to be accomplished.
Regular reviews should be conducted to track progress and identify roadblocks that may prevent employees from achieving results. A business leader can ensure that the company is moving in the right direction by setting and consistently working towards goals.
No One-Size-Fits-All Approach
Rather than focusing on products, firms now have an opportunity to ‘own’ financial advice and become a central part of clients’ lives — service and lifestyle are essential. This broader calling should open new business opportunities and channels and offer a greater sense of purpose to prospective new employees with changing values.
There is no one-size-fits-all approach because firms are as diverse and multifaceted as their clients. But there’s no time to waste. Firms that don’t transform will face increased disruption and may risk irrelevance to their target market.
Shaping A More Inclusive Society
Demographic megatrends like the ageing population are reshaping our world and creating unique investment opportunities.
By gaining exposure to these trends in their portfolios, investors might enhance returns and make a significant difference in shaping a more inclusive society.
Ready To Partner With Goldmine Media To Achieve Your Ambitions?
At Goldmine Media, our dedicated team is committed to helping firms navigate the changing financial services landscape. We work closely with our clients to understand their goals and develop customised marketing strategies that leverage the latest trends in digital innovation, data utilisation, sustainability, and more.
Our services include:
Also, if you’d like more information on how we can help with your marketing, please contact Goldmine Media. Moreover, you can reach us by calling 0845 686 0055 or emailing findoutmore@goldminemedia.co.uk.
