UNLOCKING INSIGHT INTO MILLENNIAL WEALTH WITH QUAL-AT-SCALE
The CHALLENGE
We set out to better understand a rapidly evolving and highly influential segment: Millennial Millionaires. While this audience holds significant wealth, their financial decision-making reflects a distinct and nuanced set of expectations that differ from traditional affluent segments.
Our goal was to uncover how they navigate financial decisions across life stages, particularly within a dynamic economic environment. At the same time, capturing meaningful, in-depth perspectives from this audience requires thoughtful approaches, as traditional research methods can be resource-intensive and limit the ability to scale insights effectively.
The APPROACH
Our teams set out to uncover the tensions, perceptions, and behaviors shaping financial decision-making among Millennial Millionaires, along with how their attitudes toward advisory services differ from broader affluent audiences.
To achieve both depth and scale, we leveraged Qual-at-Scale (QAS), an AI-powered approach designed to expand the reach of qualitative research.
QUAL-AT-SCALE
Qual-at-Scale enables researchers to gather qualitative insights faster and at greater scale than traditional interviews. It uses AI to moderate short online interviews through a mix of pre-written and dynamic questions, reducing logistical barriers associated with having a live moderator. AI also analyzes responses to deliver executive summaries, key themes, and personas, drawing on both what respondents say and how they say it, including tone, behavior, and body language. QAS expands qualitative research into contexts and timelines that were previously out of reach.
By eliminating scheduling constraints and enabling participation anytime, anywhere, we accessed this hard-to-reach audience at scale without sacrificing depth or quality.
We explored household decision-making, risk evaluation, and perceptions of advisory relationships, alongside the influence of broader economic conditions. Layering behavioral and attitudinal insights revealed meaningful distinctions between millionaire and mass affluent audiences, uncovering the emotional and practical drivers behind their choices.
The OUTCOME
QAS enabled us to capture rich, in-the-moment perspectives across financial decisions efficiently while maintaining the nuance critical to understanding this audience.
We found that Millennial Millionaires are not purely independent decision-makers. They rely heavily on household alignment, with spouses playing a central role in both every day and long-term planning.
At the same time, they seek control. While they value advisory services, they expect to remain the ultimate decision-maker, especially in investment and fiduciary matters, creating a tension between guidance and authority.
In contrast, mass affluent individuals, those with net worth between $500k and $1M, show greater openness to experimentation and growth-oriented strategies, often engaging a wider range of providers.
These insights point to a clear opportunity for financial services providers to evolve their role—from directive experts to trusted, transparent partners in the decision-making process. Success with this audience requires more than guidance; it demands credibility, clarity, and a deep understanding of the family dynamics at the center of financial life.
By reinforcing trust through expertise and meeting Millennial Millionaires where they are—collaborative, informed, and control-oriented—providers can build more meaningful, enduring relationships.
To learn more about this research or how Qual-at-Scale can help your organization uncover deeper insights with greater efficiency, connect with our team at info@burke.com.
To explore our past research on this dynamic cohort, listen to this BeyondMeasure podcast episode: The Millennial Millionaire: What Financial Services Companies Should Know
FEATURED CASE STUDIES
