Angus Reid Survey shows millennials are more likely to invest with Robo
In what might be an obvious conclusion, the younger the investor, the more likely they will invest online. What is interesting about this survey is that the 18-34 demographic is three times more likely to use a robo-advisor than many of their parents who are 55 years+. Matching this data with the fact that we are about to see the largest intergenerational wealth transfer (~ $750B) in Canadian history, suggests that traditional wealth managers should be concerned. We are seeing more of our traditional wealth management clients invest in the robo-advisor channel; to ensure that they have a digital onramp for new millennial clients or the children of their existing clients. We are going to dive into this topic at our June 4th client conference – Financial Services 2030. We will have a panel of millennials discussing their vision of 2030 and in particular the impact of the pending intergenerational wealth transfer. If you would like to join us for this conference please email us at firstname.lastname@example.org.