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Featured Advisor



Ed Meek
CEO/Investment Advisor

Edge Portfolio Management

City:Winfield

State: IL



BIOGRAPHY:
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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Selecting a Financial Advisor: Honesty Most Important to Millennials

Millionaire Millennials put a greater premium on brand name than their less affluent counterparts

| BY Donald Liebenson

Millennials may be less likely to use a financial advisor than older investors, but when it comes to selecting one to help manage their investments, they are no different than previous generations. Honesty and trustworthiness are the primary criteria by which they will select an advisor with which to work, according to a new study of this demographic conducted by Spectrem’s Millionaire Corner.

Nearly nine-out-of-ten Millennials surveyed cite honesty and trustworthiness as the most important factors they consider when choosing a financial advisor. But Millennials with net worths of less than $1 million place different importance on certain selection criteria than do Millionaire Millennials.

Eighty-eight percent of those with less than $1 million in net worth consider an advisor’s track record to be of primary importance in selecting a financial advisor, followed by transparency and being kept in the loop about how a financial advisor is managing their investments (81 percent).

Also considered important by Millennials in choosing a new advisor:

·         Depth of products and services (79 percent)

·         Fees or commissions charged (74 percent)

·         Strong referral or recommendation by a trusted associate (73 percent)

·         Website and online services offered (69 percent)

·         Products from a variety of different companies offered (60 percent)

·         Association with a well-known brand or company (53 percent)

·         Use of social media platforms such as Facebook and LinkedIn (21 percent)

For Millionaire Millennials, transparency is second to honesty and transparency, followed by an advisor’s investment track record and the depth of products and services offered. Of the different selection factors cited, these wealthier advisors place significantly more weight on a financial advisor being associated with a well-known brand or company than do less affluent Millennials. This may be a reflection of Millennial consumer trends. Several studies have found that, overall, for these tech-savvy and connected shoppers, brand loyalty is not as important as finding the best deal.

Related story: Will high net worth Millennials change the world of financial advisors. Click here to read more.



About the Author


Donald Liebenson

dliebenson@millionairecorner.com

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.