Transcript Cara Peck Wells Fargo Funds Management EVP & Head of Retail

Cara Peck
Wells Fargo Funds Management
EVP & Head of Retail Distribution
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Generations of Opportunity
Why Do Their Differences Matter?
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Traditionalists
 High-touch customer service,
relevance, and respect
 Be simple, but not insulting
 Use images or photos that
resemble them
 Acknowledge their wisdom in life
 Keep others in the picture
 Be active in the community
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Boomers
 Face-to-face contact preferred
for Older Boomers
 Reach Younger Boomers in
social networks and online
communities
 Use story-telling techniques to
relate to their experiences
 Increasing reliance on the Web
to gather information
 Educate them about retirement
planning because Boomers view
Social Security as a main source
of funds.
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Generation X
Great Xpectations for this Generation
AVERAGE ASSET LEVEL
Area of Greatest Focus
for Wealth Management Services
High
Opportunity,
Low
Competition
55-64
65-74
45-54
75-84
84+
35-44
25-34
The Future Mass Affluent
AGE
Source: Gen-X Professionals, Financial Services, and the Web, Celent Communications,
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Generation X
Web Is Key
50%
47%
39%
40%
36%
32% 33%
30%
23%
20%
17%
11%
10%
21%
13%
9%
6%
6%
5%
2%
0%
In Person
Phone
Web
First
Second
Email
Live Online Chat
Third
Source: Gen-X Professionals, Financial Services, and the Web, Celent Communications.
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Why Target the Millennials
Gen Y Incomes Will Outpace Boomers’ by 2018
Total Annual Income (in trillions)
$4.00
$3.51
$3.39
$3.25
$3.00
$2.77
$2.28
$2.00
$1.43
Millennials
$1.00
Baby Boomers
$0.00
2008
2013
2018
Source: Gen Y Acquisition Strategies: How to Woo, Win, and Keep Them, Javelin Strategy & Research, February 2009.
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How to Target the Millennials
Potential Sources of Financial Advice
49
Parent/relatives
33
Friends/coworkers
24
Financial rep
18
Financial planner
 They spend the most time online. Focus
on Internet channels to reach this group.
17
Search engine
Broker
10
Accountant
10
 Saving for the future and understanding
investments are the top two financial
topics that interest Millennials.
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Online source
 Engage parents and friends of Millennials,
as they often turn to these two groups for
financial advice.
6
Online chat
5
Insurance agent
4
Attorney
0
10
20
30
40
50
Source: Developing Financial Relationships with Generation Y, Synergistics Research, October 2008.
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Disclosure Statements
Carefully consider a fund's investment objectives, risks, charges, and expenses
before investing. For a current prospectus, containing this and other information,
call 1-888-877-9275 or visit www.wellsfargo.com/advantagefunds. Read it carefully
before investing.
Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo
& Company, provides investment advisory and administrative services for Wells
Fargo Advantage Funds®. Other affiliates of Wells Fargo & Company provide
subadvisory and other services for the Funds. The Funds are distributed by Wells
Fargo Funds Distributor, LLC, Member FINRA/SIPC, an affiliate of Wells Fargo
& Company.
117215 07-09
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