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NextGen Investors: Targeting the Millennial Generation

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14 July 2014
Ashley Longabaugh

Abstract

“Millennials,” also known as Generation Y, are one of the largest generations. They are also the next generation of investors to be targeted by wealth managers of all types.

In the report NextGen Investors: Targeting the Millennial Generation, Celent analyzes millennials’ approach to investing and personal financial management, which has largely been shaped by recent financial market events in a technology-driven world. Millennials, with their unique characteristics and investor profile, are in turn shaping the wealth management industry.

Recent developments in the financial market and digital channel evolution have shaped millennials’ view on investing and the subsequent opportunities and challenges this poses for wealth managers. The report examines several issues and their impact on investors, such as the loss of financial assets and investor confidence, millennials’ skepticism toward financial institutions and advisors, and an increase in regulation. Additionally, this report profiles the millennial generation as a whole, and specifically retail investors, including their product and service preferences, the importance of digital strategies to the millennial investor, and the growing female millennial investor segment. Finally, the report takes a prospective look at the long-term effect of millennials’ investment behavior on the financial market and the potential implications for wealth managers and financial advisors.

The following countries are included: France, Germany, Italy, Spain, Switzerland, and the United Kingdom (collectively “Western Europe”) and the United States. In Western Europe and the US, there are an estimated 158 million members of Generation Y, born roughly between 1982 and 2000 and the children of the Baby Boomer generation.

“Generation Y will continue to develop over time; as such their defining traits and role in society will evolve,” comments Ashley Globerman, Analyst with Celent’s Wealth Management Group and author of the report. “At this point we can conclude that millennials are a unique investor segment for three major reasons, namely their significant role in one of the largest intergenerational wealth transfer markets to date, their substantial debt levels as they enter adulthood in a low employment and wage environment, and finally, being one of the most tech-savvy generations. This poses both challenges and opportunities for the wealth management industry, which struggles to stay ahead of technological innovation.”

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