What UHNW Millennials Want from a Financial Advisor

Affluent millennials appreciate the value of a good financial advisor.

According to the Proving Worth study, ultra-high-net-worth (UHNW) Millennials view advisors as a source of knowledge and advice. This is especially true of advisors who know them personally and understand their family’s goals.

But the study also showed there is a considerable disconnect between the services Millennials want from their advisor and the offerings that are currently available. Millennials are looking for their advisor to focus on wealth transfer, deal generation and better guidance on conflict resolution.

They also want to see more of their advisors, both online, and in person. In addition, it’s critical for advisors to understand that customization is crucial to effectively servicing Millennials. Our study’s respondents indicated they are particularly averse to pre-packaged solutions and advisors who are “product pushers.”

They want to provide their own ideas, and will look to advisors to provide guidance and a framework for implementing them.

Private banks and trust companies are perceived as particularly important for articulating and defining goals. When asked, “Who has been an influence in your thinking about impact investing?” what was striking from the results was that commercial banks and wirehouses were missing across the board as entities which have influenced the decision-making of UHNW Millennials.

Private banks and family office executives were seen as the most influential sources of advice when it came to philanthropy. But it would be wrong to underestimate the value placed on other influences, such as the family lawyer and accountant. The research implies an opportunity for banks and advisors to improve their interactions with the next generation and their offerings for Millennials.

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Source: OppenheimerFunds & Campden Wealth

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