Young Investors to Financial Planners: Thanks, But No Thanks
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Here's your Money Briefing for Tuesday, November 9th. I'm J.R. Whalen for The Wall Street Journal. A new younger generation of wealthy Americans is attracting financial advisors and wealth management firms offering their services. But when these advisors come knocking, often the response they get is thanks, but no thanks.
The typical financial advisor relationship is pretty much stayed the same. You give someone control of a big chunk of your money, maybe all of your money. You pay them an annual fee on that. And in general, they're going to mostly be putting it into stocks and bonds. So younger people, they are much more interested in alternative assets.
That's our reporter, Rachel Louise Enzine. Coming up, we'll talk with her about what financial advisors are doing to attract younger, wealthy investors and the rest of us. And we'll meet a 33-year-old Idaho man who recently landed a multi-million dollar windfall and put it into some decidedly non-traditional investments. That's after the break.
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What trend is driving wealth managers to target under-45 high-net-worth households?
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There's a growing number of U.S. households headed up by younger people with a high net worth, specifically younger than 45 and worth more than $500,000. This group has piqued the interests of wealth management firms that offer to help invest their money. But these young investors' message to the finance crowd? Hands off. We'll hear from one such investor in a moment. But first, I'm joined by WSJ reporter Rachel Louise Ensign, who's written about this. Rachel, thank you so much for being here. Thanks for having me. So Rachel, what's behind this growing trend of rich millennials? How are they getting their money? Where's their money coming from?
You know, it's like in prior generations all over the place. I think today, just given the boom in tech wealth, there's a lot of people who have made money either working at like a really big company that goes public or, you know, at a smaller company that they're able to sell to private equity or something like that. So a lot of tech wealth, a good amount of inherited wealth, and then the usual people who work in finance as well. And then, of course, you also have a pretty sizable population of young people who have benefited from rising asset prices, whether that's the stock market, which is at new record highs or, you know, in crypto, for instance, it's something that people have kind of laughed off for a long time.
But there are many people who have made millions of dollars just having owned crypto at the right time. And that is a very real thing.
Okay, so why are financial advisors so interested in millennials and young people? And what are financial advisors and wealth management firms offering them?
So it's a little bit of a dilemma for these firms because the boomer generation and older are incredible clients. They have enormous sums of money, more than prior generations had at their age, a lot more. But at the same time, they have to look forward and think about in 20 years, who will our customers be?
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Chapters
4 chapters
1
What is the main topic discussed in this episode?
0:00–1:45
2
What trend is driving wealth managers to target under-45 high-net-worth households?
1:45–9:03
3
Why are many young investors saying 'hands off' to traditional financial advisors?
9:03–10:56
4
Where are younger wealthy Americans getting their money (tech, crypto, inheritance)?
10:56–14:41
Speakers
4 identifiedMore from WSJ Your Money Briefing
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