Asked what they look for in an adviser, Millennials say experience, followed by someone with
similar demographic qualities as themselves.
Two-thirds of Millennials are saving for retirement, Broadridge Financial Solutions learned in a survey. However, 69% are not working with an adviser.
Millennials prefer in-person meetings with advisers, with only 17% considering texting and only 9% thinking that social media are trust-building communications.
Sixty-seven percent of Millennials would like to hear from their adviser at least once a month, and 28% prefer contact either on a daily or
weekly basis. Only 20% of Millennials whose parents have a financial adviser have met that adviser. Fifty-five percent would consider working with their parents’ financial adviser. However, Millennials trust retirement advice from friends and family over a financial professional or adviser.
Asked what they look for in an adviser, Millennials say experience, followed by someone with similar demographic qualities as themselves. Millennials are more confident investing in savings accounts than they are in workplace retirement plans, tax advantaged plans or real estate.
While more than half of Millennials are interested in health savings accounts (HSAs), only 33% own one. Forty-three percent of Millennials are not familiar with HSAs.
“Millennials are open to receiving investment advice and planning for retirement,” says Cindy Dash, head of Broadridge’s Matrix Financial
Solutions. “The results of the study show a clear opportunity for financial advisers to utilize technology-enabled solutions to better educate and communicate with all generations, including Millennials.
Broadridge’s findings are based on a survey conducted among 1,000 adults in July.