03.21.24

Many Millennial Millionaires Looking To Switch Advisors, J.D. Power Says

by: Jacqueline Sergeant

Overall investor satisfaction with full-service investment advisors rose eight points (on a 1,000-point scale) from a year ago to 735, a study by J.D. Power found, but more than a third of millennials with more than $1 million in investable assets say they “probably will” or “definitely will” switch firms in the next year. This lack of loyalty, J.D. Power noted, could be due to the fact that 70% of affluent millennials use a secondary investment firm. "For advisors who want to build long-term, sustainable relationships that can weather good markets and bad, they will need to build a deeper level of engagement with clients,” said Craig Martin, executive managing director and global head of wealth and lending intelligence at J.D. Power.

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