The future of personal finance 

Understanding how the future affluent want to manage their money


1 in every 3 millennials are open to switching banks in the next 90 days and many millennials remain skeptical of large financial institutions, opting instead for digital-first solutions that meet their demands for convenience and transparency. In an effort to better understand the potential business implications of these shifting preferences, Wells Fargo asked Purpose Generation to gather insights on how the future affluent currently save, spend, and invest their money and what an ideal wealth management solution might look like in 2025.


By tapping into our tribe, we curated a custom survey panel of more than 300 future affluent. The nationwide survey was supplemented by a series of in-depth qualitative interviews focused on the money management needs and behaviors of this particular demographic. Armed with this valuable data, we created a set of millennial consumer profiles and published a white paper with recommendations on how to best meet each segment'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 Paper

    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

The research was packaged and presented in an in-depth white paper featuring strategic recommendations on how to meet the needs of the future affluent as well as set of consumer profiles that can be used to inform the development of new products and service offerings.