Strategy & Insights

The future of personal finance 

Understanding how the future affluent want to manage their money


With 1 in every 3 millennials being open to switching banks in the next 90 days, the next generation remains skeptical of large financial institutions and is increasingly drawn to digital-first solutions that provide convenience and transparency. Wells Fargo was looking to better understand the potential implications of these shifting preferences for a large financial institution. Purpose Generation was asked to gather insight on how the future affluent currently save, spend, and invest their money and what their ideal wealth management solution might look like in 2025.


We started by curating a custom panel of over 300 future affluent participants for the research study. By conducting a nationwide survey as well as a series of in-depth qualitative interviews, we gathered unique insights around the money management needs and behaviors of this particular demographic. Using the data collected, we developed a set of consumer profiles and accompanying preferences, and developed a white paper with recommendations on how to best meet each profile’s needs.

What We Did

  • Surveys

    Conducted a nationwide survey to understand the motivations behind affluent millennials’ current provider choice as well as the attributes that would make up the “ideal” wealth management solution. 

  • In-depth Interviews

    Conducted over 40 in-depth interviews in five major metropolitan areas to gain qualitative insights, inform the development of our four future affluent profiles, and address any discrepancies found in the quantitative research study. 

  • White Papers

    Developed a white paper and set of strategic recommendations for Wells Fargo on how to meet the evolving needs of this demographic when it comes to wealth management and the advisor-client relationship. 

The Results

  • A white paper that provided strategic recommendations on how to meet the needs of the future affluent

  • Four in-depth consumer profiles of the future affluent segment that can be used to inform the development of new products and services for this audience

  • A landscape overview of new fin tech startups in the wealth advisory space to help identify the white space opportunity