We “are saying we think these types of attitudinal changes are going to demand financial planning that is more nuanced,” Rayer said. “These shifts in consumer behavior could heavily disrupt the wealth management industry [and shows that] wealth managers and investment advisors need to adjust their operating models to ensure they continue to deliver solutions that match consumer demand.”
More people in younger generations are trying to find work they are passionate about that might not have the same earning potential as alternative careers. The job of the financial advisor is to see what kind of tradeoffs these life choices are likely to require. Traditionally, the advisor considered the client went to work for years and eventually stopped for retirement. “That was easier to plan for,” Rayer said.
“The most surprising thing revealed by the study is not that millennials are that much different from other generations, but that other generations want the same things as millennials,” she added.