November 22, 2016 4:37 pm

Reaching Millennials: the up-and-coming niche

Dynasty Financial's Ed Swenson, at our recent Client Conference, gave his perspective on the opportunity in working with millennials...a trend we see as so important that we developed a new whitepaper.

At our recent client conference, a panel of industry experts featuring Tim Welsh, Chip Kispert and Dynasty Financial COO Ed Swenson talked about trends in the marketplace. While the DOL Fiduciary Rule dominated the discussion, there were some other avenues explored.

The opportunity in working with millennials came up, and perhaps that is natural. For one of the main caveats of the new rule is transparency: in fee structures, product recommendations, financial plans. That transparency is the greatest must-have for the millennial generation:

Having witnessed the aftermath of the collapse of Lehman Brothers and the Bernie Madoff scheme, this generation of skeptics is committed to fiscal integrity. A Merrill Lynch survey found that only 19% of Millennials agree with the notion that advisors have their best interests in mind. They simply lack trust of the financial industry. In fact, according to a recent survey by Goldman Sachs, only 18% of young adults trusted the stock market as “the best way to save for the future.” They require total transparency when monitoring their investments and a deep understanding of their financial strategy.

Our goal is to help empower advisors to have those transparent, collaborative relationships by providing the technology and systems that allow for automation and transparency. And relationships with this generation will become more and more important:

Read more about the opportunity inherent in working with this niche market (who are fast becoming more than just a niche) in our new whitepaper.