Gravity Exists


Nurturing Wealth Builders

June 06, 2022

Hive Wealth hopes to provide a community for Gen X & Millennial investors working towards their financial goals.

Thriving TogetherHive Wealth hopes to provide a community for Gen X & Millennial investors working towards their financial goals.

The US retail financial services industry has faced two key challenges in recent years. One is tapping underserved segments of the population. The other is finding a way to communicate with younger, affluent investors more accustomed to a DIY approach. Hive Wealth is a new social media platform with a solution to both problems, looking to nurture new generations to build wealth on their own terms.

Hive Wealth is the brainchild of Yvette Butler, the former Head of Wealth Management for Silicon Valley Bank. After decades spent managing the finances of the one percent, Butler turned her sights toward empowering younger generations to become wealth builders. Currently in pre-launch, Hive began beta testing its app late in 2021 and will release the complete subscription platform and financial planning recommendation engine during the second half of 2022.

According to Kristen Clark, Hive’s Chief Growth Officer, the network’s architecture is tuned to the social and crowdsourcing sensibilities of affluent Generation X, Millennial, and Gen Z investors, who are more comfortable doing their own investment research compared to past generations. Hive embraces these younger generations’ interests in alternative assets such as Crypto, nontraditional retirement planning, and values-based decision-making while addressing modern concerns like student debt burdens.

“Advisors, banks, and traditional financial service firms are going to have to find new ways to reach Millennial and Gen Xers who are adopting alternative investments and direct trading platforms,” says Clark. “Being present on a community platform like Hive Wealth is a start, and offering financial tools and data that can augment peer advice will be an important next step.”

Hive’s business model revolves around user subscription revenues and interactive advertising. According to Clark, the network can be a resource for traditional advisor models seeking to connect with new prospect demographics rather than be a competitor.

The market opportunity for a fintech capable of building trust between younger generations of investors and old-line banks, asset managers, and advisors is immense. According to an EY study published in June 2021, more than half of Gen Z consumers surveyed named a fintech company as their most trusted financial brand, while fewer than a quarter chose a traditional bank.

Clark sees such digital resources provided by financial services firms as a better business conduit to these new customers than traditional advertising. “Tools are a way for these firms to insert themselves into relevant conversations while respecting the community aspect of the platform.”

Key Points

  • Hive Wealth is a startup social media platform designed for younger and underserved affluent investor demographics with a focus on creating wealth.

  • Content and resources on the platform are tailored for Gen X & Millennial investors with a balance between traditional, alternative, and entrepreneurial assets and strategies.

  • Currently in pre-launch, the platform is slated to roll out fully in 2H 2022.