How Millennials Will Change Your Business

Libby J. Dubick, Dubick & Associates | Barron's, November 2016

Summuary: To any advisor dismissing or ignoring the millennial generation, a few words of insight: you are making a mistake. The largest generation in U.S. history, born between 1980 and 2000, numbers 90 million. Many millennials are still too young to have amassed significant savings, but by 2020, they will have $7 trillion in liquid assets, according to Wealthfront, and they are in line to inherit another $41 trillion from their parents and grandparents. A giant wave is coming at the advisory industry; you can either ride it, or be swept away.

For members of previous generations, it might be tempting to conflate millennials’ informal, non-linear approach to life with a lack of seriousness or diligence. However, the research shows millennials to be quite serious about their future. They are simply taking new and different paths to many of life’s usual destinations, and the advisors who can help them find their way will be in a position to benefit for years to come."