If anything, millennial attitudes about investment returns and goals-based planning could be right up the alley of advisors who are more focused on the planning side than on the investment side. "Millennials will likely be less focused on beating the market than earlier generations and more interested in planning for and meeting their financial goals, an attitude advisors should welcome,” the report says.
Among other conclusions from the report:
• “Hybrid” brokerages offering guidance and cheap online trades are an appealing value proposition to millennials.
• From a product standpoint, investment firms could win more debt‐burdened millennial clients by lowering the minimum amount needed to open a managed account and cutting fees on planning services and other forms of advice.
• Next‐generation investing start‐ups with low fees and low account minimums pose a competitive threat to the established industry.