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and money

The next era of wealth management


Millennials are entering the investment scene in earnest. And they are demanding changes in it, as they have in just about every other industry.

From a love of all things digital to a desire for self-directed investing, wealth management firms should prepare now to create a different client experience for this demographic.

But in today’s digital world, a one-size-fits-all client experience—even within a demographic—simply does not work. In our latest paper, we’ve examined the data on how Millennials view and manage their money from our Wealth in the Digital Age Investor survey to provide the beginnings of a road map for wealth advisors.

Millenials and Money



Wealth managers are next up to feel the Millennial headwind.


Accenture’s latest survey of Millennials’ investing preferences shows:

Millennials bring digital to the party. They see cutting-edge technology tools as a basic requirement for any investment scenario, rather than a “nice-to-have.”

But they will still need humans for investing in more complex life situations. Robo-advice cannot help clients sort through emotions when planning for a parent’s long-term care or starting a business with savings—only humans can. However, trust issues loom large. More than half of Millennials feel their advisors are only motivated to make money for themselves and their employer.

Hybrid wealth advice works for Millennials. Given their penchant for digital, but more complex needs as they age, hybrid is a great fit for the Millennial investor. Our research shows that nearly two-thirds of Millennials use some form of hybrid model already. With only 11 percent currently using a robo-advisor exclusively, this leaves plenty of headroom for human advisors to show their value.

Six out of 10 Millennials feel they understand their holdings and investments as well as a professional.


Millennials—digital natives—are leading other generations in forcing industries of all types to re-examine their client service models. With studies suggesting Baby Boomers are adopting new methods with money almost as rapidly as Millennials are now, the impact of these digital natives on your entire client base becomes clear. A few things we found in our research to keep in mind:

Millennials want to learn. Six out of 10 Millennials show interest in becoming savvier with cash flow management and budgeting.

They are price conscious but will pay for quality and convenience. Millennials are far more likely to regularly discuss fees than other investors; 41 percent do so quarterly, versus just 14 percent of Baby Boomers.

They expect you to use technology where it fits. Millennials are more likely to invest in commodities and options. They are twice as likely as Baby Boomers to invest in Exchange-Traded Funds (ETFs).

The companies that listen early and often tend to be able to adjust their customer model rapidly enough to suit this client segment. Is your firm listening?