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Ed Meek
CEO/Investment Advisor

Edge Portfolio Management


State: IL

At Edge, a low client to advisor ratio allows for personal and customized service for each individual.  Our goal is to work as a team for each client to provide not only portfolio management but wealth coordination and financial planning.  We make every effort to have frequent communication with our clients and to provide timely response to calls and emails.  I also enjoy spending time with my wife and three kids, playing and following basketball, playing golf, and participating as an advisory board member for Breakthrough Urban Ministries.

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Millionaire Millennials Most Confident in Their Financial Knowledge

They are most likely to consult with a financial advisor only for specialized needs

| BY Donald Liebenson

Millionaire Millennials’ exceeding confidence in their financial knowledge is fostering a self-directed generation that at this time is less likely than previous generations to seek out a financial advisor, according to a according to a recently published report from Spectrem’s Millionaire Corner, HNW Millennials.

Just over three-fourths (76 percent) of millionaire Millennials surveyed expressed that they are either “very” or “fairly” knowledgeable about financial products and investments. Millennials were more likely than previous generations to be the most confident in their financial knowledge (30 percent vs. 25 percent of Gen Xers and 23 percent of baby boomers). Conversely, 24 percent said that they were either “not very knowledgeable, but I do understand some things” or “not at all knowledgeable.”

Millionaire Millennials are more enthusiastic about investing than previous generations. Fifty-nine percent surveyed said it is something they enjoy and do not wish to give up, compared with 55 percent of Gen Xers and 49 percent of baby boomers. Likewise, the investors are also the most likely to say they like to be actively involved in the day-to-day management of their investments (58 percent vs. 55 percent of Gen Xers and 51 percent of baby boomers).

They mostly make their own investment decisions, the study found. Thirty-one percent identified themselves as self-directed investors, meaning they make all their own investment decisions without the assistance of an investment advisor. A greater percentage (42 percent, the highest across all age levels) said they are event-driven investors, meaning that they make most of their own decisions but consult with an investment advisor for specialized needs such as asset allocation advice, selecting alternative investments or retirement planning.
Millionaire Millennials who do use a professional advisor are most likely to consult with a full service broker (24 percent), a banker (22 percent) and an accountant or independent financial planner (16 percent each).

Related story: Gen Y millionaires see social media as a useful investment tool. Click hereto read more.

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.