Phoenix Study Finds Millennial Investors Want A Selective Relationship With Financial Advisors

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New Research From Phoenix Marketing International Shows Affluent Millennials Use Advisors Differently Than Their Boomer Parents

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However, unlike older investors, Millennials are seeking advisory models that include not only the human factor, but also the tools, automation, and online education that will enable them to manage some of their wealth management needs themselves

Phoenix Marketing International, a global marketing services firm, today announced the results from their new investor segmentation research, which shows that contrary to many media reports, affluent Millennial households are just as likely as their parents to use a professional financial advisor. The new research, drawn from the Phoenix Global Wealth Monitor tracking program, divides the U.S. affluent and HNW market into 12 segments based on their intended level of investment activity. The most active segment is a group of young investors Phoenix calls the Active Wealth Millennials.

The research shows that about 72% of Active Wealth Millennials currently get professional advice, just slightly higher than affluent Baby Boomers (at 70%). The similarity in advisor usage ends there, however, as Millennial investor needs and expectations for that professional advice differ dramatically from their parents.

“Our new data clearly shows that Millennial investors are highly active, smart and tech savvy, and clearly not wary of financial advice, as they realize they lack investment expertise”, says David Thompson, Managing Director of the Phoenix Affluent Market. “However, unlike older investors, Millennials are seeking advisory models that include not only the human factor, but also the tools, automation, and online education that will enable them to manage some of their wealth management needs themselves,” adds Thompson. As further proof the generational differences in approach towards financial advice, 40% of Millennial investors describe their advice orientation as “selective,” versus only 21% of Baby Boomers.

About Phoenix Webinar: The Active Wealth Millennials

Phoenix will present a free Webinar on October 8, 2014, entitled “The Active Wealth Millennials: What You Need to Know to Reach and Retain These Dynamic Investors.” For more information about the Webinar, or to register, please follow this link or call Mark Sutin at 609-261-6332.

About the Phoenix Global Wealth Monitor
The Phoenix Global Wealth Monitor (GWM) provides ongoing intelligence on the attitudes, behaviors and needs of affluent and High Net Worth consumers to leading organizations in the U.S., Canada, and Europe.

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Kristin Johnson
Phoenix Marketing International
+1 845-876-8228 Ext: 308
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