Updated Wednesday, April 23, 2014 as of 2:45 AM ET
Talking 'Bout a New Generation: Embracing Millennial Advisors
What steps are financial service firms taking to engage Millennials—the 77 million Americans in their 20s and early 30s who came of age after the turn of the century? Whether they are wealth creators or inheritors, traditional Wall Street firms are seeking ways to capture their assets. 
Millennials, who have grown up with far greater access to technology and information than previous generations, differ in their attitudes and approaches to investing. In his article “Millennials and Money,” Michael Liersch, director of behavioral finance at Merrill Lynch, says he made the following observation after surveying 153 wealthy young investors. “Many grew up immersed in online communities where the wisdom of the group, the ethic of crowdsourcing and DIY culture are highly valued.” This generation, he concludes, is less impressed with experience and past performance, and more interested in having a detailed understanding of the facts.   more »
More in Succession Planning
Planners thinking of retirement often seek young partners to share the business. But such pairings can be tricky to pull off. more »
Having a long-term horizon for the sale of a business puts the owner in a better position to optimize tax strategies. It's also an opportunity for advisors angling for the investment business a sale will produce. more »
United Capital has started providing regular liquidity to advisors with some first stock sales proceeds exceeding $500,000. more »
A "sunset program" for soon-to-retire advisors is already underway at some banks. But there is still much to be done, industry executives say. more »
Merrill Lynch Wealth Management is putting the spotlight on advisor training with its appointment of Racquel Oden as head of new advisor development. more »
With the advisor population aging and looking to retire, more wealth management firms are stepping up their efforts to recruit and train a new generation of advisors. more »
Cambridge's Amy Webber says promotion is next step in complex internal succession plan. more »
A clash over future growth plans at Lenox Wealth Management led to the departure of the firm's 34-year-old president and COO Jay Hummel. more »
Almost half of the advisors in a new FPA study say they don't have a retirement plan; even more fail on business and succession plans. more »
Expansion-minded Savant Capital Management has bolstered its presence in the vibrant Chicago metropolitan market, acquiring Paragon Advisors, a $150 million firm in Naperville, Ill. more »
The well-heeled are worried because they know their children can’t handle the money they’re going to inherit—so you need to teach them how. more »
A group of former Morgan Stanley directors is hoping their new start-up will let them capitalize on the industry’s aging demographics. more »
In the latest deal for Focus Financial Firm, Boston-based RIA expands footprint, sees more acquisitions ahead. more »
Bank Advisors on the Move

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