Millennials, the generation born between 1980 and 1995, came of age during an unprecedented time in human history. They grew up with all of the world’s accumulated knowledge just a few clicks away, thanks to the Internet.

This generation also experienced two severe stock market crises during their formative years: the crashing of the tech bubble in 2000 and the global financial crisis from 2007 to 2009.

Each of these experiences played a big role in shaping Ultra High Net Worth (UHNW) Millennials’ attitudes and opinions about investing, and their views are significantly different from their predecessors’. For the purposes of our research, we defined UHNW Millennials as young adults coming from families with a net worth of at least $35 million.

Through Proving Worth, a joint study between OppenheimerFunds and Campden Wealth, we learned that UHNW Millennials are much more conservative about investing than their Baby Boomer and Generation X forebears. Their investing interests also differ significantly from those of prior generations.

They’re passionate about philanthropy, but when they’re eventually put in charge of the family portfolio, they would increase their allocations toward impact investing, which looks to provide social or environmental benefits in addition to generating sustainable investment returns.

Here are two key takeaways for advisors from our research:

  1. UHNW Millennials aim to be values-based investors, but their interest often exceeds their knowledge.
  2. There is a disconnect between their ideal allocation and what the typical wealthy family portfolio currently looks like.

Additionally, here are four things UHNW Millennials want their financial advisors to provide:

  1. High-touch service
    This generation wants to interact with their advisors more often, both in person and online. Overall, UHNW Millennials view advisors as a source of knowledge and advice. They welcome an advisor’s input, particularly when their advisor know them personally and understands their family’s goals.
  2. Customization
    Millennials hate shrink-wrapped solutions and product pushers. They want to come up with their own ideas and implement them.
  3. Better deal flow
    Only half of the UHNW Millennials we surveyed are satisfied or very satisfied with advisor performance on deal flow. They want advisors to be more aggressive in steering them to attractive deals.
  4. Help connecting causes they care about with investing opportunities
    UHNW Millennials are looking for advisors to help them connect the dots between the causes they care about and opportunities to advance those causes — with the ability to earn sustainable financial returns in the process.

Download our research paper Ultra-High-Net-Worth Millennials – Putting Their Money Where Their Values Are for additional insights, and an in-depth look at how one UHNW Millennial approaches investing.

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