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BNP Paribas ponders underserved “nextgen millenipreneurs” client segment

While private banks are already trying to securing future assets from next generation clients in Asia – through succession planning value propositions such as seminars and events for scions of current clients, for instance – BNP Paribas Wealth Management believes an oft-overlooked source lie in up-and-coming entrepreneurs, or “millenipreneurs.” “If you look at many of these entrepreneurs building startups and raising funds in early rounds many are not UHNWIs themselves,” says Anton Wong, head of key clients group, Asia Pacific at the French private bank. “They may in fact be years away but they’re all prospective clients of our wealth management or investment banking business. From that view, learning about our clients from a deep and unique perspective, such as their entrepreneurial ambitions, is supremely important. Many of these millenipreneurs are in fact ‘nextgen’ clients for us.” Optimistic headlines of entrepreneurs and their potentially-amazing budding ventures – often tied with, says Wong, “big topics” – are already ubiquitous throughout Asia ,be it through e-commerce, social media or other big impact businesses….

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