Summary: Understanding the millennial mindset toward creating wealth has been a central spot on the agendas of wealth management executives. As the largest of all customer divisions in the United States, millennials will surely accumulate a significant amount of wealth over time. Community banks face challenges engaging this unique group. Digital services will be crucial in becoming better at communicating with millennials.
- $1 trillion in millennial assets under management
- $30 trillion in baby boomer assets
- 80 million are in the millennial generation
- 43% of millennials are most likely to say they are conservative with their money
- 44% of millennials are extremely interested in learning more about investing
- 40% of millennials are committed to passing along wealth to their families
- 66% of millennials are likely to fire their parents’ financial adviser after they receive their inheritance