Tech-Savvy Millennials Still Want Financial Advice Says Capital One

Millennials may value cutting-edge digital investing tools, but they also appreciate wisdom from financial advisors – especially when markets get rough. 'Those who found the August volatility stressful for them really wanted to have that collaboration and that’s what we see in the data for millennials,' said Yvette Butler, President of Capital One Investing (COF). Capital One Investing’s recent research showed 49% of millennials currently have a full-service investing account and among those with no current financial advisor relationship, 72% say they are most likely to use an advisor in the future. Butler said younger generations place more importance in working with a financial advisor to decide how to invest for retirement. For instance, the company’s research said that 42% of millennials think it very important compared with 34% of Gen X and 23% of Boomers who think it very important. Because they are so technologically savvy, millennials are 'wired' for a hybrid approach to investment management, according to Capital One’s reporting. The company said 54% expect to use a robo account for future investing and 60% expect to use an advisor for future investing. During volatile markets like the one investors experienced in late August, millennials were more likely than older generations to consider working with a financial advisor as a result of their discomfort.