HUNTINGTON BEACH, Calif.-Enough with the marketing bias toward Baby Boomers; it's time for mutual fund companies to move on to the Millennials.

"They are the most numerous, affluent and ethnically diverse generation in American history," William Strauss, ethnographic historian and co-author of "Millennials Rising," told attendees at the Investment Company Institute's Operations and Technology Conference and Service Provider Expo here earlier this month.

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