BY John Easton, Director of Wealth Management
June 27, 2017
A radically diverse, globalized and digitally connected generation, millennials are set to take the stage. They already make up almost half the US workforce and will soon hit peak earning potential. Over the next 30 years, they’ll inherit 30 trillion dollars from their baby boomer parents.
The growing clout of the millennial investor represents a huge challenge for financial advisors and companies, at risk of serious disruption. Research shows millennial investors are conservative with their money, don’t trust financial institutions, and are turning by the millions to robo-advisors — now a 55 to 60 billion dollar industry. According to a 2014 report by UBS, just 14 percent of surveyed millennials said they would consult a financial advisor on a major decision, as opposed to 40 percent of non-millennials.