Millennials and wealth advisors

Millennials get cast as pious avocado toast eaters and wearers of T-shirts with snarky slogans like "Slayage," but they’re a giant market for wealth advisors.

The generational cohort, aged 27-42, stands to inherit a chunk of the $84 trillion in wealth expected to pass to heirs through 2045, Cerulli Associates says. They have lived through the dot- com crash of 2000, the Great Recession of 2007-08 and the COVID-19 pandemic, and just over 6 in 10 report feeling good about their finances in a new Ameriprise survey. At the same time, they’re worried about inflation (90%) and higher interest rates (80%).

Do they use financial advisors? The Ameriprise survey, which polled 3,518 millennials with at least $25,000 in investable assets last January and February, doesn’t say. But a 2021 poll by the National Association of Personal Financial Advisors found that more than half, or 56%, already work with an advisor. Other data, from Natixis, suggests only 4 in 10 use an advisor.

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That leaves at least half of the roughly 73 million-strong generation currently advisor-less. The task for wealth management: understanding what the cohort’s attitudes and goals are for saving, spending and retirement.

Read more: Millennials are seeking financial advice earlier: Ameriprise study

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