Even as millennials are becoming established in the workforce, they are still overlooked by most financial advisors.
Only 18% of financial advisors are targeting Generation Y clients, according to a study from investment management and retirement plan provider Principal Financial Group which surveyed 614 financial advisors nationwide, including advisors across all channels.
A majority of those surveyed said they were targeting baby boomers (64%), business owners (62%), or affluent/high-net-worth clients (46%). More than half of the advisors surveyed said they targeted new clients with assets of more than $250,000.
"This research illustrates the enormous opportunity for up-and-coming advisors to build relationships with underserved millennials, who are in a growing phase of their careers and income potential," Tim Minard, senior vice president of distribution at Principal, said in a statement.
Despite what may be a missed opportunity in targeting millennial clients, other key findings in the study suggest that most advisors are confident in themselves and their businesses.
According to the statement, advisors are "showing continued confidence in their physical and fiscal health." Eighty percent of advisors said they were healthy or very healthy when it came to their financial health and more than 75% felt confident in their physical health.
The advisors surveyed showed confidence in the success of their practice as well, with 83% reporting they felt confident in the health of their businesses.
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