Younger generations of wealthy investors are more likely than older generations to wait until a major life event like getting married, buying a home, or starting a family to seek out a financial advisor — as well as find their advisor through social media, a Dynasty Connect survey found.1

Dynasty Connect. “Jobs, Marriage, Kids: Major Life Events Make Younger Investors Seek Professional Financial Advice, According to New Dynasty Connect Survey.”

More than half (54%) of respondents between the ages of 35 and 44 with at least $500,000 in investable assets waited until a major life event to seek out financial advice, and close to half (42%) of those under 35 indicated the same. By contrast, only 31% of respondents between the ages of 65 and 74 said the same.

"People seek expert financial advice to fulfill specific, and often age-related needs,” said Dynasty Financial Partners Vice Chairman Andrew Marsh, adding that “advisors can use this information to craft services that match their clients' priorities.”

When looking for a financial advisor, younger investors are also more likely to use social media than their older peers. Of those under the age of 35, 40% surveyed said they would use social media to find a new advisor, as did 38% of investors between 35 and 44. Only 5% of those ages 45 through 54 said they would use social media to find an advisor.

"This gets to the reach social media has in communicating with millennial and Gen Z consumers," said Brendan Bell, head of Dynasty Connect. “Once they are ready to engage, they much prefer digital communication and ‘chatting’ — oftentimes directly on social media — over phone calls."

Author's Note: Admin, Global CNI Point Inc