What Millennials Want From Their Advisors: Nationwide
February 19, 2019 by Michael S. Fischer
Millennials with investable assets of $100,000 or more have needs that it behooves financial advisors to take note of if they want them as clients, according to a special report from the annual Advisor Authority Study commissioned by Nationwide Advisory Solutions, formerly Jefferson National.
“Year over year, RIAs and fee-based advisors say that adding new clients is the number-one driver of profitability, and millennials are a prime target,” Craig Hawley, head of Nationwide Advisory Solutions, said in a statement. “But this generation faces distinct challenges and fosters unique preferences — which advisors must understand in order to build productive relationships.”
Growing up in the shadow of the 2008 market crash of 2008 and the recession has affected millennials’ financial concerns, investing habits and future earnings potential, according to the study. They are proceeding with caution, and this aversion to risk may impair their ability to reach their future financial goals.
RIAs and fee-based advisors can tap into these insights to understand this younger generation and compete more effectively to win their business. The opportunity is substantial: 40% of these younger investors still do not have a financial advisor.
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