NEW YORK (MainStreet) — Compared to those in older generations, Gen Y investors are more hands-on and less focused on traditional life stage planning, according to new reports out of Vanguard, the venerable index investment firm. As a result, financial advisors must change their behavior to attract business from this cohort of Millennials, those born between the early 1980s and the early 2000s.
For Baby Boomers the generation gap meant “don’t trust anyone over 30.” That revolutionary rally cry against the establishment in the ‘60s quickly morphed into a population absorbed into a corporate culture: work hard for your employer, “pay your dues” and plan for retirement.
Today, youthful adults are living the “peace and love” lifestyle more than Boomers ever did. The school-work-family-retirement life path has been replaced by a generation seeking self-expression, personal fulfillment at work and a life built on experiences rather than possessions.
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Vanguard's series of position papers guiding financial advisors in the best practices of connecting with younger investors serve as a roadmap any industry could find valuable in developing marketing and products targeting Gen X – and particularly Gen Y.