The Right Advice

What Wealthy Millennials Want From their Advisor

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I need my advisor to understand my issues, where I'm coming from and to genuinely educate me.

UHNW Millennial Campden4 millenial image1

UHNW Millennials on What’s Important in an Advisory Service

Millennials see room for improvement from their advisors in many areas of service1.

  Satisfaction Importance
Wealth Transfer 74% 89%
Aggregated Reporting 58% 88%
Deal-flow Generation & Due Diligence 75% 86%
Family Governance & Education 50% 50%
Concierge & Estate Management 75% 66%
Competitive Pricing 20% 72%
Online/Mobile Access & Services 14% 57%
Philanthropic Opportunities 20% 24%
1. Due to rounding, totals may not add up to 100%.

Our primary advisor is much older than me. There are some cultural and generational differences, but as long as you're aware of them, I don't think it precludes having an advisor from a different generation.

Canadian Millennial, Mid-20s, 2nd Gen. Campden4 millenial image2

How UHNW Millennials Are Finding Financial Advisors 1

How are they finding advisors?
69%
Personal Recommendations
(family, friends and colleagues)
44% Professional Recommendations
31% Perform their own due diligence
25% Direct solicitation and/or social interactions
25% Not applicable
6% Social and traditional media advertisements
Who do they consider their closest advisor?
25% Family Office Executive
25% Other
13% Independent Consultant
13% Attorney
13% Private Banker
6% Family Business Executive
1. Multiple answers permitted.

How UHNW Millennials Want to Communicate With Advisors

Advisors would be well-served to communicate weekly with Millennials via digital channels.

Advisor Attrition Surprisingly High for UHNW Families

Many Millennials are fairly new to their advisor relationships, a circumstance that also applies to a surprising number of wealthy families1.

1. Due to rounding, totals may not add up to 100%.

Advisors, learn more about what UHNW Millennials want from you.

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