While many young entrepreneurs are posting net worth of multiple billions of dollars, most millennials are still works in progress with low levels of investible assets. Nevertheless, a significant number of millennials count themselves among the 14.1 million emerging wealth households in the U.S., says SEI.
“Baby boomers are starting to age, and they’re starting to decumulate assets,” says Pohlig. “Advisors need to develop relationships with this next generation during the accumulation phase of their lives if they want stability within their firm.”