Millennials Prefer Banks, Credit Unions For Advice
The robo Advisors have positioned themselves to attract Millennials, but new Kehrer Bielan research suggests that there may be a glitch in the robo model – Millennials think they will get better financial advice from a financial institution.
Nearly half of households headed by a Millennial agree with the statement, “Banks, S&Ls and credit unions are the best source of advice regarding my savings and investments.” In fact, Millennial households are 42% more likely than older households to prefer banks and credit unions for financial advice.
Millennials Prefer Banks and Credit Unions for Financial Advice
Of course, the road to attracting Millennial clients remains steep for the Financial Advisors who work in banks and credit unions. Other Kehrer Bielan consumer research has found that households headed by a Millennial are less likely to be willing to pay for professional financial advice than are older households, and 64% of Millennial households say that they “prefer to do most or all of the research and decision making ” when investing, compared to just 37% of older households.
How can banks and credit unions turn Millennials’ belief that they will receive quality advice from their institutions into lasting and profitable investment relationships with their Advisors? Stay tuned as we delve deeper into the 2014 MacroMonitor survey of 4,405 households, including 1,121 headed by a member of the millennial generation, to learn more about where they go for financial advice and what information they are looking for.