Millennials don't trust the markets.
"Millennials came of age at kind of an interesting time," said Kristi Mitchem, CEO of Wells Fargo Asset Management. "Many of them obviously experienced the financial crisis as one of their formative experiences around markets."
According to Mitchem, there are questions, at least from millennials' point of view, about whether the markets can deliver long-term and sustained returns.
"I think we're absolutely going to expect a more muted return environment," she said. "So if we think about 2018 - we're actually projecting returns of about 5-10% depending upon which market that we're looking at. And I think those returns really become much more the new normal as opposed to what we've experienced over the past several years."
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