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Millennials stand to inherit a whopping $68 trillion from the baby boom generation.
But they aren’t necessarily taking cues from their parents on how to manage their money.
The proliferation of online money management platforms has given millennials more options than their parents once had.
Many are opting to go it alone, according to a recent survey from the National Association of Personal Financial Advisors, which found that 62% of millennials are getting their advice online or from social media. Just 21% said they primarily use a financial advisor.
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But there’s still room for advisors to develop relationships with this younger set, according to experts who spoke at the CNBC Financial Advisor Summit on Wednesday.
The millennial generation has weathered 9/11, the Great Recession and now the Covid-19 pandemic, which has left 38% of them feeling less optimistic, said Kristi Rodriguez, senior vice president at the Nationwide Retirement Institute, citing a recent survey conducted by the firm.
That is changing their willingness to work with an advisor. In 2016, less than 50% of millennials polled by Nationwide said they see a need to use a professional. In 2020, more than 75% said they want to work with an advisor to help them mitigate risk…
