If you remember nothing else from reading this piece, remember two numbers:
These are two key figures that will reshape the investing community by mid-century. In the coming years, $41 trillion will flow through to 92 million heirs. It is safe to state millennials and generation Z will disrupt the entire financial community. This will impact everything from insurance products and pricing to the creation of new financial derivatives that do not exist today. All to meet the changing landscape of future investor demand.
What are most advisors doing about this forthcoming financial meteor? Just about nothing. Some will plus or minus the stats above, but all will agree our future clientele is the next generation. The time is now for the industry and its advisors to commence adaption. This lacking effort is not going unnoticed. A 2017 JD Power survey claimed half of millennial investors will leave their current broker.