The baby boom generation is retiring and their focus is on wealth protection, but they are mostly uninterested in their advisor’s technology, explained Vilas Mhatre, Managing Director at Morgan Stanley Wealth Management.  This is in contrast to Millenials (people ages 21-36), who are just starting out in their careers and are focused on asset growth, but have very different expectations about how technology should be integrated into their advice experience, he said.

While the wirehouses have been able to align themselves with current retirees, Mhatre observed, they have not done well in converting them to a goals-based way of thinking.  On the Millennial side, they also have not been able to provide a user-friendly, technology-centric platform, he stated.