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Millennial family clients want to keep their family’s advisors, says FOX research


New research from Family Office Exchange (FOX) shows that Millennial wealth owners value and aim to retain their family's advisors—if the advisors can adapt to meet Millennials' expectations.

The FOX Family Client of the Future research, highlighted in FOX's new white paper "Engaging the Client of the Future," finds that Millennial family clients are eager to work with experienced advisors who already know their family, and who can help them address their needs – just so long as the advisors are ready, willing and able to adjust to their Millennial clients' expectations on engagement and value delivery. The white paper identifies five themes that shed light on those expectations and provides eight recommendations for engaging Millennial family clients. The study also includes a Millennial Engagement Strategy Assessment Tool to help advisors evaluate their strengths.

"While Millennials' needs are similar to those of their parents and grandparents, their expectations for how wealth advisors should meet those needs are notably different than those of earlier generations," says Amy Hart Clyne, executive director of the knowledge centre at FOX. "This report helps advisors gain insight into the Millennial point of view, understand the expectations of Millennial family clients, and identify ways to enhance their relationship with Millennials."

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