Boston, July 15, 2012 – Gen Xers and Yers have been far less loyal to their investment providers over the last few years compared to Boomer and Silent Generation investors, indicating that young investors have yet to find their ideal investment provider(s). In spite of these provider changes (which impacted banks disproportionately between 2008 and 2011), close to 40% of young investors still consider a bank to be their primary investment provider. By contrast, only 20% of young investors consider an online brokerage firm to be their primary investment provider in spite of their strong adoption of online trading.
Aimed at wealth management firms that seek to retain and acquire younger-generation customers, the report looks at the investing preferences of younger generations and discusses how wealth management firms can adapt to better meet the needs of Generation X and Generation Y investors. The report also analyzes the specific needs of future high-net-worth investors―the young affluent or high income.
This 20-page Impact Report contains 10 figures. Clients of Aite Group's Wealth Management service can download this report.