BrokerHunter Weekly Update 5/25/2021
May 25th, 2021
7 Keys to Attracting Gen Xers and Millennials to Your Practice
By Ginger Szala
Baby boomers have been financial advisors’ core client base for years, but a practice needs new blood to continue to grow. Considering that Gen Xers and millennials will control 47% of wealth in the United States by 2030, advisors need to understand how to attract this younger group and adapt their firms accordingly.
And the younger generations’ wealth will only increase as they inherit a “significant share of the $24 trillion expected to be passed down in the next decade,” according to a new study by T. Rowe Price that explores attitudes of the next generation toward financial planning — and planners. “In fact, the next generation will surpass baby boomer inheritances in just three years.”
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