Kaul said this generational shift is already playing into how investment products are now being built.
“We’re not just talking about risk adjusted returns anymore, we’re now talking about societal goals, clients want to measure the carbon impact of their portfolios or they want to see the increase in the diversity of board representation of the companies in their portfolios."
“Advisers are now being asked to not only deliver financial returns but also non financial returns,” she added.
Kaul highlighted she was seeing a surge in engagement with online platforms that cater to a “social style” of investing.
She said: “Millennials and Gen Z are getting their information from social media, they want gamification when they are engaging, they want social sharing and participation.
“These are all the triggers that keep people addicted to social media and the younger generation is looking for the same in their investment experience and in the experience with their adviser.”
Kaul said society was entering a “third era” of wealth management and investing called “better living”.
She said: “Not only are clients going o be able to look for societal justice in their portfolios, they will be able to gain personal enrichment from them because of tokenisation.”
Kaul said tokenisation will allow clients to make assets programmable to what they enjoy and want and embed this into their portfolios.
“This means an adviser's role becomes even more critical. They will become the concierge that is going to open up a world of opportunities to clients by not only helping them to put together a portfolio but help them define what benefits they want from it."
alina.khan@ft.com
