Members of Generation Y are fundamentally less trusting, more inclined to do their own research and more insistent on mobile technologies for everything - including their financial planning and investing. This is according to a new white paper that urges planners to get to know Gen Y better by comparing it to the two generations that preceded it: Generation X and the Baby Boomers.
"[P]eople tend to market and sell financial services in the same way they like to buy them," say the authors of the new paper co-published by Wells Fargo affiliate First Clearing Correspondent Services and Jason Dorsey, chief strategy officer of the Austin-based Center for Generational Kinetics, which studies generational trends. But, they point out, "each generation buys differently."
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