High net worth millennials: Savvy with high expectations | Capital Group


High net worth millennials: Savvy with high expectations

High net worth millennials: Savvy with high expectations

How well do you know your high net worth millennial clients?


  • Only 51% of millennials actually think they are millennials 
  • Two-thirds think they are unique 
  • Millennials mainly think they are unique because of their use of technology and their music 
  • Seven out of 10 millennials think understanding investments is extremely important 

They are…

Preparing for the future

  • 83% want to own a home 
  • 72% say it is personally important to be a parent 
  • 68% say it is personally important to be married 
  • 85% think a long-term financial plan is important 
  • 83% claim to have a budget 
  • 58% say they are conservative investors 
  • 56% claim to have a financial adviser 
  • 53% trust financial services and 70% trust financial advisers 
  • They expect 16% annual returns from now until retirement 

Millennials: Savvy but cautious


Savvy Adults
High Expectations

Millennial persona: Life is happening fast.

Millennials send advisors a conflicted message. Members of this generation are savvy — 85% know that having a long-term financial plan is important. But they’re also open to financial help and guidance: 70% of millennials say they trust financial advisers and almost half say they currently consult a financial adviser.
But here’s the challenge. Millennials have very high returns expectations despite being financially conservative. Scarred by the financial crisis, millennials are fearful about volatility but still think they can earn 16% average annual returns until retirement. Now is a crucial time for them because they are experiencing a series of life events like marriage, the birth of a child and buying a house. These events are financially and emotionally challenging and have long-term financial impact. What millennials need is “real-life” guidance.

Millennial action plan for advisers: Be relevant.

Understand their stage in life. Millennials are undergoing a number of critical life events — ranging from home buying to the birth of their children — and they do want your help. Their trust for the financial services industry is twice as high as any other generation, and 70% of them find financial advisers to be credible and trustworthy.
Provide “real-life” guidance. While millennials do trust financial advisers, they may not be confident that they are the type of clients that financial advisers want. Connecting with them becomes much easier when you focus on the defining life events they experience each year. This has the dual benefit of making the conversation more personal while also making it very practical.
Stay connected during future real-life events. Keep in mind that millennials are 13 times more likely to move money during a financial life event. If you aren’t consistently present at these life events, you may find yourself losing them as clients.

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Capital Group Advisor Generational Attitudes Study, September 2018

Capital Group Investor Generational Attitudes Study, August 2018

Capital Group Wisdom of Experience Survey, December 2017

McKinsey Money in Motion Survey, 2016



© 2019 Capital Group Investment Management Limited ACN 164 174 501 AFSL 443 118. The information provided in this communication is of a general nature and does not take into account your objectives, financial situation or needs. Before acting on any of the information you should consider its appropriateness, having regard to your own objectives, financial situation and needs.