Beaming in the headlines this morning I read, “Emerging Wealthy Investors Not Sure Wanted by Financial Advisors.”

The seventh annual Millionaire Outlook study conducted by Fidelity says, “The makeup of the nation’s wealthy is changing, and while some advisors are ahead of that shift, many more haven’t realized the change or built their practices (and fees) to attract the emerging wealthy and mass affluent.”

For advisors to serve and remain relevant to these young investors, your attention and ability to adapt to their expectations is crucial. As aging clients transfer their wealth to the next of kin, firms are struggling to retain those assets. Your clients’ children have a mindset of their own and that includes freedom to choose a new advisor. What you have seen as your usual revenue source is going to change. This means advisory firms need to pinpoint a strategy to balance serving existing clients while connecting with young investors or face the chance of losing a large portion of assets.


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