Financial advisors are leaving millennials out in the cold when it comes to looking for more clients.
So says a new study conducted by Harris Poll for the Principal Financial Group, which revealed that only 18 percent of survey respondents target Generation Y as a source of new clients. Instead, they look for baby boomers (64 percent), the affluent or high-net-worth individuals (64 percent), or business owners (62 percent).
Considering that more than half of advisors (57 percent) prefer their new clients to have assets of more than $250,000, it's no wonder they're not spending a lot of time with millennials. But that could be a mistake, because millennials (ages 18-37) make up a 7 percent larger portion of the population than boomers and have plenty of years ahead to save for retirement and work toward other financial goals.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.