The discussion around millennials is often a frustrating one, albeit one that mutual fund and ETF executives should take note of. Older generations may look down upon them and criticize their work ethic and attitude, while millennials often blame older generations for many of the problems they're burdened with, such as high student loans and a poor job market.

Fund executives who pick a side in this conversation are losing sight of the bigger picture, and in the process might end up missing out on a massive growth opportunity for their firms.

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