As wealth changes hands, Millennials, Generation Z and women are reshaping investment decisions. Marianna Mamou, Head of Advice Beyond Investing at UBS Chief Investment Office, discusses the role of values, risk, financial education and personalised advice.
As Head of Advice Beyond Investing within the Chief Investment Office of UBS Wealth Management, I lead thought leadership on holistic advice. This encompasses financial planning, understanding clients’ needs and preferences and matching those needs with our offering. Since around 2017, I have also devoted particular attention to women and the next generation. . Our goal-based investment framework and research highlighted how many women may approach decisions and information differently, and how an approach grounded in personal objectives resonates with them, while recognising that individual needs and preferences vary considerably.
No. Alongside the generational shift, we must recognise the horizontal transfer between partners. When someone dies, a significant amount of the wealth often passes first to the surviving spouse. Because women tend to live longer and often have older partners, they are more likely than men to outlive their spouse and inherit their partner’s wealth.
For a substantial period, they become stewards of family wealth, influencing how it is invested before it eventually passes to the next generation.
We should avoid generalising: these are tendencies shaped by economic circumstances, personal experiences and family influences. Millennials and especially Generation Z have grown up with instant access to information, increasingly through AI. Money used to be much more private; today, social media and influencers have made it a subject of widespread discussion, though the information is not always sound. Younger family members are therefore engaging in conversations about wealth earlier. Even before they control the assets, their views can influence their parents’ decisions.
Values and the impact of financial choices matter to them, but I would not necessarily rank those concerns above performance. Rather, impact becomes an additional parameter alongside liquidity, risk and return. They want to understand what their choices mean and how investments relate to their priorities.
It goes beyond information to connectivity. They want to discuss ideas, receive feedback, test whether an approach makes sense and understand what it means for them. That calls for transparency and dialogue, not merely access to data.
It depends on the definition of active. They do not necessarily want to execute every trade or become active traders. They do want to be involved, understand decisions and express opinions. Contrary to assumptions that they are careless, many are disciplined savers. Financial insecurity has shaped their desire for security and their willingness to save and invest.
Not necessarily. Their prudence concerns saving and investing regularly, rather than avoiding investment risk. They can be more willing to take risk and tend to have higher risk-return expectations. Their longer investment horizon (given their age) gives them greater capacity to accept volatility. Financial discipline and a willingness to take investment risk can coexist.
Digital connectivity matters, but the foundation remains a financial plan tailored to the person. Advisers need to explain why an idea is relevant, provide financial education and assess whether new tools or opportunities actually help. Access to suitable investments, including private markets, is valuable. So are networking and communities, which younger clients may embrace more readily. But the future proposition is not simply a product: it is holistic advice.
Yes. Advice means understanding clients’ objectives and how they make decisions. Sometimes people make decisions that may workagainst their long-term interests. The adviser should help them regain perspective, connecting planning, education, behaviour and access to appropriate opportunities.
Young women show greater investment confidence and become involved earlier than previous generations of women, although gaps remain. Interestingly, their approach retains some similarities with older generations of women: an emphasis on investing towards goals, making decisions in the context of a plan and considering risk. I find that a sensible approach and one that resonates with how I invest myself.
Advice must be personally relevant. Access, connectivity and opportunities are of little value if we do not understand a client’s circumstances, preferences and decision-making style. Generational segments help identify patterns: someone who grew up during a boom may view risk differently from someone shaped by a downturn. But these patterns are guides, not substitutes for knowing the individual. The task is to turn that understanding into meaningful personal advice.
