They represent a bigger opportunity than the Baby Boomer generation and they require new strategies from planners who want to reach them. But, for those planners who can adapt to the preferences and priorities of Generation Y, they could provide a lifetime of new clients.

This is according to a new white paper advising planners on the intricacies of reaching the 80 million members of Generation Y, who are in their mid 30s to early 40s today (by contrast, there are approximately 76 to 78 million retirement-age members of the Boomer generation). The paper, titled "Gen Y is Ready to Invest . Are You Ready to Advise Them?" is 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.

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