Last updated: June 26 2018

Young Advisors: The Millennial Market Rocks Retirement Planning

Are Millennials really that unmotivated, and underperforming? Not according to an important new study. In fact, it turns out that Millennials may be ahead of their parents when it comes to retirement planning, an important trend for young tax and financial advisors looking to build their practices with peer group clients.

J.D. Power’s 2018 Group Retirement Satisfaction study notes that more Millennials have set specific retirement goals than the generations before them, and a large percentage are on track to reach them. They have more money in savings (based on age) than their predecessors in the Boomer and Generation X demographics. Yet, this age group is not the market that advisors are targeting, and it's time for that to change.

After all, a market where 50 percent have strategic retirement goals, 61 percent of the sample polled has at least $25K in savings, and 27 percent have more than $100K is worth tapping into. Impressive, especially when you consider that a mere three-quarters of Boomers have over $100K to get them through retirement, despite hitting retirement age in less than a decade. These numbers indicate that there’s clear value to be found for advisors that bring focus to assisting Millennials.

While this data on Millennial retirement planning may be unexpected, what probably won’t surprise you is that the generation is known for their innovation. If advisors are going to build and maintain solid relationships with this generation to help them reach their retirement wealth goals, they too need to step up their innovation game.

Each year, Knowledge Bureau acknowledges the up-and-coming industry leaders, who are the ideal candidates for innovating to connect with the unique needs of the demographic that also happens to be their own. Nominations for this exclusive Young Advisor Award, to be presented at the 15th annual Distinguished Advisor Conference (DAC),  are still being accepted until June 30. The award is open to young advisors actively engaged in the financial services, with 5-years in industry, and who are under the age of 40. A completed application form, CV, and written synopsis of achievements under 8 key criteria may be submitted.

Don’t miss the opportunity to submit your nominations for the advisors that are the future of wealth management planning, ready to set the Millennial generation up for long-term financial success.

Additional educational resources:

If you are a young advisor with leadership aspirations, or know one, in addition to submitting a nomination for this award, we invite you to:

  1. Register to attend the Executive Business Builder Retreat, taking place as an extension of the Distinguished Advisor Conference. The two-day retreat will help you refresh, rejuvenate, and hone the skills you need for success as a leader in any industry. Network with peers, and learn from those at the top of their fields.
  2. Enroll in the Executive Business Builder Program to take advantage of a curriculum that will help you successfully grow and operate a business, or be a top performer as a leader in a corporate role.
  3. Join the Business Builder discussion group on LinkedIn.




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