The financial crisis changed the world in many ways but here's one you probably didn't even think of: it raised the profile and influence of Millennials in the financial services market.
Elliot Weissbluth, CEO of HighTower Advisors and a LinkedIn (LNKD) Influencer, weighed in this week with a commentary tied to the 5-year anniversary of the collapse of Lehman. He says it's time for Wall Street to "embrace the hyper-connected, fully-integrated, socially-networked, crowd-sourced, Millennial generation." (This is the generation born between 1985-2000.)
Here's why Weissbluth thinks everything is on the verge of a seismic change: "These investors are not waiting for the big financial firms to undergo a great moral awakening. They are not sitting on their hands hoping the government will pass some glorious reform making the financial system safer," says Weissbluth. "Instead, Millennials are looking for the right people with whom to do business. Instead of dutifully accepting their parents’ choices, they’re consulting their “friends” first – often anonymously and in great numbers."
This matters because there is data out there that shows Millennials are actually saving more money, and starting earlier, than previous generations. That of course means they'll have more money to invest. But where, and with who, will they invest?
"Approximately 90% of the millennial generations are...likely to fire their parents' financial advisor," says Weissbluth.
If there is indeed a real lack of trust among this generation for the finance industry as a whole, that also means there is a real business opportunity ahead.
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