The wealth management business is on the cusp of anexplosion.

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But in their drive to capitalize on growth projected at 60percent over the next 15 years, wealth managers need to be surethey’re not pursuing one generation at the expense of others.

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Read: Who's socking away 15% of theirsalary?

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That’s the message from the Deloitte Center for FinancialServices, which projects that household assets will grow to morethan $140 trillion by 2030, generating as much as $240 billion inwealth management fees.

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But although wealth managers might be considering shifting theirattention to millennials as they try to capture those fees, theresearch warns them not to be too hasty in abandoning current babyboomer and GenX clients in doing so.

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That may not exactly be likely to happen—after all, advisors arealmost legendary in their disregard of millennials, according toa Corporate Insight study, with only about 30 percent activelyseeking millennial clients.

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And millennials for their part are not exactly rushing to work withadvisors. But it’s a caution that Deloitte nonethelessfelt moved to provide—since, after all, millennials are a growingsector of the population.

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But that doesn’t mean the Deloitte research sees millennials asthe major source of wealth management fees in the immediatefuture.

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Millennial wealth will grow the fastest, the research said, butthe demographic will account for less than 20 percent of nationalhousehold wealth in 2030. “Most millennials are therefore unlikelyto become consumers of top-tier wealth services anytime soon,” thereport said.

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So where should wealth managers be focusing their attention?

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Why, pretty much where they are right now: on baby boomers, withan eye toward GenXers.

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The report forecasts that baby boomers will continue to be thewealthiest generation in the U.S. through 2030 and remain thelargest fee pool for financial services firms during that 15-yearexpansion.

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But things will start to change quickly after that, the researchfound, with boomers’ share of net household wealth peaking at 50percent by 2020 and declining to less than 45 percent by 2030,“quickly tapering off thereafter as mortality rates escalate.”

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GenXers will be taking up the slack as boomers wane,experiencing the highest increase in share of national wealththrough the forecast period, growing from under 14 percent of totalnet wealth in 2015 to nearly 31 percent by 2030.

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“In fact,” said the report, “firms that have not yet woken up toGeneration X’s potential may be too late to the party.”

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Still, advisors should be keeping watch on millennials, sincethey, together with GenX, will hold half of wealth in 2030.

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