News | 11.08.21
Rich Millennials to Financial Advisors: Thanks for the Golf Invite, but You Can't Invest My Money
Affluent millennials are shunning solicitations from financial advisors, reflecting their disinterest in paying for advice. They are instead focused on managing their own money via inexpensive and easy-to-use digital platforms, and are making riskier investments in assets like cryptocurrencies and tech startups, which mainstream advisors often avoid. Aite-Novarica Group reviewed Federal Reserve data to estimate that about 70% of households with a minimum net worth of $500,000 and headed by a person under 45 followed a strongly or mostly self-directed investment model in 2019, versus 57% in 2010. Close to half intended to assume an above-average level of risk in order to get an above-average rate of return, up from 35% in 2010.
Read the full article on Wall Street Journal