What steps are financial service firms taking to engage Millennialsthe 77 million Americans in their 20s and early 30s who came of age after the turn of the century? Whether they are wealth creators or inheritors, traditional Wall Street firms are seeking ways to capture their assets.
Millennials, who have grown up with far greater access to technology and information than previous generations, differ in their attitudes and approaches to investing. In his article Millennials and Money, Michael Liersch, director of behavioral finance at Merrill Lynch, says he made the following observation after surveying 153 wealthy young investors. Many grew up immersed in online communities where the wisdom of the group, the ethic of crowdsourcing and DIY culture are highly valued. This generation, he concludes, is less impressed with experience and past performance, and more interested in having a detailed understanding of the facts.
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