Excerpt from Fidelity Investment’s report on the coming wave of wealth value advice.
Many investors today are seeking different types of relationships with their financial advisors. No group epitomizes this more than Generations X and Y, the “coming wave of wealth,” who generally seek advice relationships that go beyond investment management. They seek relationships that help them achieve peace of mind and even their life’s purpose, as well as realize financial and investment-related objectives.
Gen X/Y millionaires are one important cohort in this coming wave of wealth. They are highly attractive to most financial advisors due to the assets they’ve already accumulated and are at a critical moment in their lives to engage with financial advisors – due to their age and the complexity of their financial situations.
But, they are also at a tipping point.
Will the wealth holders of the future value advice? Will they choose to work with your firm instead of another? The 2017 Fidelity® Millionaire Outlook Study, now in its 9th year, finds that they may not work with advisors – unless advisors deliver the value and experience that Gen X/Y millionaires seek. Now is the time for the advice industry to “tip” Gen X/Y millionaires toward advice before it’s too late.