The Millennial generation holds important and somewhat mystifying prospects for the personal investment management and financial advice community – both in terms of bringing a new talent pool and as the next generation of investors. Companies continue to ponder who they are, how they behave, how they think and their overall differences to preceding and proceeding generations.
In the UK we currently live in a society that has up to 6 different generations co-existing. And, with older generations working longer and Gen Z already entering the workforce, we are now experiencing a new phenomenon – five generations working side by side.
It is a very different world for Millennials, and we must not underestimate the impact this will have on them as clients and on the industry. This generation has more financial hurdles such as high property prices and less lucrative retirement benefits, but given the means through inheritance, and/or their own earnings, many would be willing to use a wealth manager.
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