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Asset Preservation Advisors


State: GA

APA’s philosophy is to work closely with our clients to develop an in-depth understanding of their unique needs and objectives. We then customize a municipal bond portfolio that best meets their specific goals and needs. APA manages high quality municipal bond portfolios in four strategies: Short-Term, Intermediate-Term, High Income, and Taxable.

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High Net Worth Millennials Prioritize Personal Service from Financial Advisors

Contact and timely communication more important than investment performance

| BY Donald Liebenson

High Net Worth Millennials put a higher premium on personal service from their financial advisors than they do on the long- and short-term performance of their investments, according to research conducted by Spectrem’s Millionaire Corner.

More than half (54 percent) of Millennials with a net worth of more than $1 million said that not retuning phone calls in a timely manner is the primary reason they would change their financial advisor.  The second biggest pet peeve is not be contacted in a proactive manner (49 percent), followed by not being provided with good ideas and advice and not have their emails returned promptly (both 46 percent).

A slightly less compelling reason for High Net Worth Millennials to change their financial advisor is long-term (over one year) losses to their portfolio (44 percent). Less than one-fourth (21 percent) are concerned enough about short-term losses to their portfolio to shed their financial advisor.

Almost half of High Net Worth Millennials surveyed identify themselves as Self-Directed investors, meaning they make all of their own investment decisions with benefit of a professional financial advisor. Not surprisingly, they express more of an enthusiasm for investing and a healthy regard for their financial acumen. Nearly six-in-ten (59 percent) of High Net Worth Millennials said they enjoy investing and that it is something they do want to give up. In comparison, 49 percent of Baby Boomers said they enjoy investing.

Further, 58 percent of High Net Worth Millennials said they like to be actively involved in the day-to-day management of their investments, compared with 55 percent of Gen Xers, 51 percent of Baby Boomers and 55 percent of seniors.

The highest percentage of High Net Worth investors we surveyed who consider themselves very knowledgeable about financial products and investments are Millennials (30 percent) and seniors (29 percent), followed by Gen Xers (25 percent) and Baby Boomers (23 percent). Across age levels, High Net Worth Millennials are the least likely to say they are fairly knowledgeable (46 percent, vs. 56 percent of Gen Xers, 61 percent of Baby Boomers and 57 percent of seniors.

Consequently, High Net Worth Millennials are the most optimistic about their financial futures, no doubt because they feel they have more of their work and investment years ahead of them. Nearly seven-in-ten (69 percent) said they expect their financial situation to be stronger one year from now. Incomparison 58 percent of Baby Boomers and 57 percent of seniors are as optimistic.

About the Author

Donald Liebenson

Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.  

A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.