New customer generations are on the horizon for wealth management. Existing customers of wealth management are often baby boomers. Baby boomers, the wealthiest generation in history, may be worth over $30 trillion. When this money transfer due to mortality happens, it is one of the biggest transfers in wealth in the history of humankind. It will happen; that is a fact. The oldest baby boomers are currently 73.

There are interesting opinions or expectations about this fact. The first opinion is that (American) baby boomers like to spend their money on themselves. Their life expectations are currently around 84 for men and 86 for women. Therefore, wealth managers can look forward to many more years of helping baby boomers manage their money.

In Europe, baby boomers are more likely to leave an inheritance for their children and the actual money transferring process between parents are children starts earlier. The inheritors of the baby boomers are millennials and these new customers are starting to knock on the door of wealth management.

The millennials are different from baby boomers especially when it comes to the use of technology. Millenials are digital natives unlike the baby boomers, who are digital immigrants. They mix work and pleasure and are into experiences round the clock. Digital sales are the perfect strategy for selling to millennials.

One digital sales strategy is using virtual channels to reach out to prospects and customers. Digital sales are about valuable content sharing, education of the marketplace and offering a customised solution for the prospect or the customer. The key in any sales process is to qualify prospects to identify the best deals. For qualification look at available data and look for events that are a sign of a good prospect, like multiple website visits and other events that are proof of a possible sale.

Digital sales start with a good website. The strategy should be to generate traffic to your website. People look for useful and valuable information on the internet. Be the provider of this valuable information. The way to do this is through useful social media posts and articles, posting interesting news, offering authentic and useful content and responsiveness in social media. Be the guru of something, says LinkedIn Guru Scott Cundill, CEO of

Your website has to be found in the internet ocean. Search Engine Optimalisation, Google advertising, good content, low bounce rates and digital marketing campaigns in social media are a few options.

Use the scope of social media and go international. Facebook has more than 1 billion users and LinkedIn has over 500 million users. It is much easier to create many customer contact points digitally than to create old school “analog” customer contact points like outbound telephone calls. The world is becoming a global village and it is doable to reach international prospects using  social networks. Building a strong social media presence is essential to digital sales.

Happy customers are your new salesforce. It is easy to share information in the digital world and many customers like to share information. Happy customers will do that. Your prospects trust existing customers more than your employees. It is all about creating traction for your proposal.

As soon as prospects visit your website, the marketing automation tool looks after them. The idea behind marketing automation tools is to gather information about website visitors. Marketing automation in combination with good content like white papers tries to get “analog world” contact information like an email address or cell number for outbound activities. The marketing automation tool will follow the prospect or the customer during website visits. If the prospect has a special interest in certain products or funds, we can nurture that interest by sending information when something changes. The marketing automation tool calculates a lead score based upon behaviour. The more visits the better the lead. Lead nurturing is easy with automated email workflows.

Most marketing automation software is integrated with email marketing tooling after that email is used as a communication channel. In a BtC environment, email is probably the best customer engagement tool. Newsletters, slow moving marketing campaigns and special offers for special customers.

Marketing automation functions are website landing pages, lead scoring, the creation of marketing personas (model customers), analytics on marketing communication and website content effectivity, visitor IDs and email marketing-based lead nurturing.

The most effective marketing automation campaigns are customer-based and involve welcoming new customers and onboarding campaigns. For customer retention repeat purchase campaigns and reengagement/reactivation campaigns have proven to be effective. Special types of marketing campaigns are behavioural campaigns and information campaigns.

Customisation of email content on a customer level is possible with marketing automation. It is also possible to notify employees when a customer visits the website and looks at a product.

A big advantage of marketing automation is that marketers are less dependent on the IT department. Marketers can create forms and landing pages by themselves. This speeds up marketing and creates more flexibility.

With marketing automation is it easy to create a marketing calendar.  Marketing campaigns can be planned and automated. This includes social media posts in LinkedIn, Facebook and Twitter. It is also possible to schedule blog posts.

In all cases, every wealth manager should start to think about or implement a digital strategy. It is good for existing baby boomers because new technology like speech recognition will make technology and contents more accessible, even for digital immigrants.  Your new millennial customers will expect this and customisation is necessary in every experience. Ask me if you have any questions.