06.01.26

Millennials Are Ready To Bring Their Advisor to the Family Table

by: Ayo Mseka

Millennials are far more likely than older generations to want financial advisors involved in family-wide financial planning conversations, with 60% saying they would welcome advisors facilitating discussions compared with 32% of Gen X and 16% of baby boomers, according to a study by the Nationwide Retirement Institute. The divide reflects differences in comfort with sharing financial information and trust in external guidance, as many older investors prefer to keep finances private while millennials are more open to collaboration. The survey suggests this gap has important implications as trillions in wealth transfer to younger generations, yet few families have discussed how finances will be managed if older members become unable to do so. Advisors are increasingly stepping in to bridge this gap, with most already facilitating conversations about retirement, healthcare and estate planning. Success in these discussions requires not only technical expertise but also strong communication and consensus-building skills to align differing family expectations.

Read the full article on Insurance News Net