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According to a study published by Broadridge and The Center for Generational Kinetics (CGK), while retiring baby boomers showed a conventional preference for equity investments, 66 percent of millennials opted for low-interest savings accounts over every other investment. Such a risk-averse approach might not do too much damage to a millennial portfolio today. However, missing out on the compounding effect of stock market participation could seriously undermine an individual’s portfolio growth longer-term.
Does this mean millennials are risk-averse when it comes to investing? Not exactly. The study also showed that 58% had substantially greater confidence in purchasing shares in a private business or investing overseas than boomers or Generation X. If they are neither risk-averse nor risk-seeking, what are they?
In a recent Market Watch article, Broadridge’s Salvatore Sodano unveils 5 steps advisors must take toward learning to speak millennial’s language while decoding the millennial mind-set. By automating and personalizing prospect communications to this cohort, wealth advisors will tap into an emerging source of long-term, loyal relationships – one millennial at a time.
