06.03.24

Advisors Should Focus on Millennials, Gen Xers and Women, State Street Says

by: Karen DeMasters

Millennials and Gen Xers are adept at managing their own finances with the many self-directed tools that are now available, but both groups also want guidance from professionals at least some of the time, according to a new State Street Global Advisors study. For those who seek an advisor’s help, members of these two age groups want a combination of reasonable fees, meaningful collaboration with their advisor, and the latest tools and technology to assist in their investing. The study broke investors down into four groups — Gen X, millennials, women and hybrid investors who rely on both advisors and DIY investing. Women are one of the fastest growing client segments and they want to be actively engaged in investment decision-making, the study also found.

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