Millennials are set to inherit as muchas $30 trillion, according to research firm CB Insights, and theiradulthood aligns with the post-2000 inception of global socialmedia networks like Facebook and Twitter. (Photo: iStock)

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(Bloomberg) –Millennials' use of social media is helping todrive their investment decisions, according to FabrizioCampelli, Deutsche Bank AG's global head of wealth management.

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They have a “fear of missing out” as they're more “networked andexposed” through social media to their peers' activity thanprevious generations, Campelli said Wednesday during a discussionabout millennial wealth at the Bloomberg InvestSummit in London.

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Born between the early 1980s and mid-1990s, millennials' growingfocus on investments that align with their personal values andlifestyles is forcing wealth managers to reassess theirservices.

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They're set to inherit as much as $30 trillion, according toresearch firm CB Insights, and their adulthood aligns with thepost-2000 inception of global social media networks like Facebookand Twitter.

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“We are really looking at this phenomenon because that's what iscausing a lot of millennials to explore non-banking partners insome of their financial services support,” Campelli said.

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FOMO has become a widespread term to capture anxiety arisingfrom other users' posts of interesting events. Social medianetworks have in turn helped to spawn trading sites such as eToro,which allows users to copy other investors' activity.

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These trading sites “cater to the ability to say, 'Look at howsuccessful this investor was. You can be as successful by copyingthat strategy,”' Campelli said. FOMO is “much more prevalent amongmillennials, rather than with Generation X or Baby Boomers.”

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