The Right Advice
What Wealthy Millennials Want From their Advisor
“ I need my advisor to understand my issues, where I'm coming from and to genuinely educate me. ”
— UHNW Millennial
UHNW Millennials on What’s Important in an Advisory Service
Millennials see room for improvement from their advisors in many areas of service1.
|Deal-flow Generation & Due Diligence||75%||86%|
|Family Governance & Education||50%||50%|
|Concierge & Estate Management||75%||66%|
|Online/Mobile Access & Services||14%||57%|
“ 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.
How UHNW Millennials Are Finding Financial Advisors 1
(family, friends and colleagues)
|31%||Perform their own due diligence|
|25%||Direct solicitation and/or social interactions|
|6%||Social and traditional media advertisements|
|25%||Family Office Executive|
|6%||Family Business Executive|
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.