The Enduring Advisory Firm

Chapter 7 Millennials

The Mass-Misunderstood

Millennials at a glance^*:

• Born after 1980
• Share of adult population: 27%
• Share of non-Hispanic white population: 57%
• Political affiliation: 50% Independent; 27% Democrat; 17% Republican
• Character traits: overconfident, optimistic, digitally enabled, strong sense of entitlement

Top concerns for advisors to address:

• Give them a plan. Millennials have an arduous journey to a secure retirement. Working with you on a plan that steps them through it can help it feel more manageable to get started and stick with it.
• Give them confidence. Dubbed the Recession Generation, Millennials need your help to see this defining moment of their formative years with new eyes. You can help them find more balanced attitudes surrounding risk taking, savings, and equity investments, and give them solutions to ensure that they take appropriate risk taking and sound financial steps to achieve their goals.
• Be relevant. Design a service experience that resonates. Get turned on, not turned off, by the Millennial generation’s impatience, desire for the latest technology, longing for appreciation and self-esteem builders, and social nature. Find ways to build these expectations into your service model.

^*www.pewsocialtrends.org/2014/03/07/millennials-in-adulthood/sdt-next-america-03-07-2014-0-06/.

2015 was the year that the Millennial generation surpassed the Baby Boomer generation as the largest living generation in the United States.¹ By comparison, ...