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Millennials and Gen Xers Shaping the Future of Financial Planning

Fri, 28 August 2020  |  financial planning 

According to a new study from AIG Life & Retirement and the MIT AgeLab, financial clients are expressing a willingness and desire to step beyond traditional conversational boundaries with their financial professionals. This is particularly apparent with younger clients between the ages of 30 and 45 who indicate the most interest in discussing a range of topics beyond money management.

The Future of Client-Advisor Relationships study, which surveyed more than 2,000 financial clients between the ages of 30 and 75, finds that clients’ trust in and satisfaction with their financial professional increases when both parties are willing to broaden their conversations and engage in a more transparent, holistic approach to financial and future planning.

An emerging area of concern for financial clients are topics related to identity theft and fraud. This is especially relevant for older clients (ages 61-75) who say this is a top concern yet who are least likely to have had a related conversation with their advisor (only 30%).

Physical health was also listed as a top concern; however, more than half (57%) say they have not discussed it with their advisor. Younger respondents (ages 30-45) are more likely to have discussed physical health with their financial professional, with more than three out of four (78%) saying they’d like to do so again. Approximately 60% of older clients (ages 46-70) who have not discussed the topic say they either want to or are willing to if the topic came up.

Across all ages, potential expenses for their own care is the health and security topic that clients most want to broach for the first time (53%).

More information: https://www.businesswire.com/news/home/20200826005418/en/Millennials-Gen-Xers-Shaping-Future-Financial-Planning