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U.S. Investors: The Big Shift

Millennials are making their mark as a broader range of Americans are now investing in the U.S. financial markets. Broadridge Insights on U.S. Investors unveils evidence-based insights into investors’ purchase of U.S. equities, mutual funds and ETFs from 2017 through June 30, 2020, signaling a significant change to the investing landscape.

The rise of the Mass Market

Investors with less than $100,000 in investable assets increasingly represent a larger share of investor households and AUM.

The rise of the Mass Market
“We are all witnessing an unprecedented and accelerated democratization of U.S. investing.”
Bob Schifellite

Millennials: The up-and-comers

Millennials (born 1981-1996) are the fastest growing generation of U.S. investors.

Millennials: The up-and-comers

Developments behind democratization

Ongoing market developments make investing more attractive, affordable and accessible.

Developments behind democratization

Institutional share classes hold wide appeal

Once only available to High Net Worth (HNW) investors, institutional share classes have grown steadily as a percentage of holdings across generations.

Institutional share classes hold wide appeal

ETFs are on a steady rise

ETFs attract a greater share of households. Plus, fund flows for ETFs have been unfailingly positive since 2017, whereas flows for Mutual Funds have declined.

ETFs are on a steady rise
“Money is expected to continue to flow into low-cost investment vehicles such as passive and active ETFs, and Millennials and Mass Market investors will continue to gain influence as their assets grow.”
Dan Cwenar

Equities grow as a percent of AUM

In 2020, equities grew while ETFs held steady and Mutual Funds declined.

Equities grow as a percent of AUM
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These unprecedented times hold opportunity for firms and advisors who seize upon them. To learn more about different generational, wealth, geographic and investment-channel segment trends, check out the full Broadridge Insights on U.S. Investors study ebook for more details.

Download the ebook >

About the study

Drawing on de-identified data from the roughly one-third of U.S. households that invest in mutual funds, equities and exchange-traded funds (ETFs) sold through financial intermediaries, this study delivers a unique, evidence-based view of investor holdings. Broadridge data scientists:

  • Extracted from a dataset spanning tens of millions of investor households and billions of data points
  • Utilized a sample of 20,000 households to explore investor demographics, intermediary channels and investment products
  • Included data for 2017, 2018, 2019 and the first half of 2020.

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