what does financial advice look like across generations. · 4 what does financial advice look like...

What Does Financial Advice Look Like Across Generations?

For Broker-Dealer Use Only – Not to be Distributed to the General Public

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IntroductionOver the past six decades, our world has changed dramatically. In particular, unprecedented technological advances have altered our culture, our relationships and our everyday lives. Each successive generation has responded in its own way, developing a group character complete with attitudes, preferences and beliefs about virtually every aspect of life — including financial matters.

In general, though, it’s our observation that the financial services industry hasn’t responded as well as it might have. Advisors tend to stay with so-called tried-and-true ways of acquiring and serving clients, no matter what their age group. And the industry itself has continued to rely on financial advisors to serve in the role of intermediaries in much the same manner it has for decades.

But in today’s new world, are such practices still on target or are they missing the mark? To find out, we launched this study, conducted by First Clearing and the Center for Generational Kinetics in late 2015.

The goal was to uncover, from a cross-generational perspective, the attitudes, preferences and priorities that different generations have about financial stability and financial advice. Of the three generations most active in investing today (Millennials, Generation X and Baby Boomers), we placed

special emphasis on the Millennials because they are the largest, fastest-growing generation of financial services clients and are likely to shape the financial services landscape for the next 20 years.

We believe research like this is critical for the future of this industry. It can sharpen financial professionals’ understanding of the three generations actively investing today. Once advisors truly understand the similarities as well as the differences, they should be better equipped to serve all generations effectively.

In addition, research like this can help advisors serve today’s youngest generation of investors, the Millennials. They, after all, are the ones we hope will be investing with advisors for decades to come. But, as we’ll see on the following pages, the choice is theirs.

William A. Coppel Chief Client Growth Officer Managing Director First Clearing

Jason Dorsey Chief Strategy Officer and Millennials Expert Center for Generational Kinetics

Table of Contents

Introduction 3

Executive Summary 4

What Does ‘Financial Security’ Look Like? 5

What’s the Value of Advice? 6

Where Do Investors Go for Advice? 9

Conclusion 12

Research Study Methodology 13

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Executive SummaryThis paper summarizes the results of research into attitudes, preferences and priorities about investment advice from three generations:

■■ Baby Boomers (born 1946-1964)

■■ Generation X (born 1965-1977)

■■ Millennials (born 1977-1995)

We focused on these three populations because they’re the investors whose current goal is to actively accumulate wealth; as such, they’re the ones most likely to need advice. We did not include the eldest generation, comprised of those called Traditionals (born pre-1946), because the vast majority of these individuals are now in the more passive, so-called “distribution phase” of investing.

The study was designed to answer several overarching questions:

1. How does each generation define financial security, and are the different generations aligned with each other or not?

2. How do they perceive the value of advice?

3. Which method of receiving financial advice do they value more – from a robo-advisor or a human advisor?

Summary of Results

While we encountered few surprises, our results support a couple of intuitive theses: 1) that there are differences between the three generations but 2) certain perceptions also remain consistent among them.

Regarding differences: As the Baby Boomer generation moves into retirement, Gen Xers and Millennials are gradually becoming a force to reckon with, much like the Boomers were in their prime. Together, these two younger generations are bringing new demands and expectations to the industry’s table. All three generations, however, show some marked differences.

■■ The two younger generations define financial security differently from Boomers — and differently from each other.

■■ Perspectives on retirement planning vary widely, ranging from the Boomers’ perspective — which places retirement front and center — to the Millennials’ — which barely takes retirement into account.

On the other hand, the vast majority of all investors turn somewhere for advice, which indicates that all three generations do, in fact, value financial guidance. What differs is where they go for the guidance.

■■ A financial advisor is the primary source of investment advice for Gen X and Boomers, but most Millennials are not yet committed to an advisor.

■■ So-called do-it-yourself investing is making significant inroads among the two younger generations. About a quarter currently invest online, and more than half (compared to 36 percent of Boomers) are open to using automated advisors in the future.

■■ Likewise, although every generation expects to receive individualized help, the nature of that help differs. Boomers prefer to have an advisor who relates to an individual’s lifestyle and who will form a “partnership.” By contrast, Millennials are into time-saving factors.

Regarding similarities: There are also some constants between the generations. Long-term strategic guidance is highly valued across the board. And when a professional offers advice to a client, anything that smacks of a sales pitch is almost universally not appreciated.

In addition, all three generations cite similar “opportunities for improvement” for the industry. Boomers, Gen Xers and Millennials alike expect individualized help, yet only about a third say they get it. Even fewer say that advisors really know them and their families.

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Implications for the IndustryWhen all is said and done, the data are not surprising. But we wanted to see if we could tie it all together — if we could find any theme extending across the generations.

We believe we can. Despite their differences, today’s generations share a number of concerns about the way advice is delivered. These concerns aren’t new either; they’ve persisted for generations. What’s notable is that we’re still hearing them.

For instance, investors want to be known as individuals and families, yet the majority say they’re not. They tell us they want guidance, not sales, yet most still encounter the latter. In other words, it seems that not all that much has changed over the decades.

In the end, we conclude that the “opportunities for improvement” our respondents cite should be taken seriously. We believe we’re being told that the role of the financial intermediary (the advisor) needs to change.

What Does ‘Financial Security’ Look Like? How does each generation define financial stability, and are the different generations aligned with each other or not?

If the ultimate goal of investing is to achieve something called financial security, then the first question we needed to ask our respondents was how they define that term. Even more importantly, we wanted to understand what “financial security” means to them, in a very personal sense.

Not unexpectedly, the research finds that the definition of security varies by generation.

Baby Boomers and Gen X define financial security in terms of having enough money and the ability to live comfortably. Boomers, in particular, are more focused on having enough income for the future. Millennials, on the other hand, define financial security in terms of the present. Their priority is to have financial stability right now.

We could easily conclude that, when it comes to defining financial security, there is no consensus among the generations. Everyone has their own individual “take” on what financial security looks like. We did, however, see statistically significant trends that are correlated to one consistent element; that is, the three generations are the same in one way: How they define financial security seems to be linked to their stage of life.

Stage of Life Concerns

Boomers think in terms of having enough money for the rest of their lives. They’re focused on providing for the long term because, we presume, they’re transitioning into a new phase – what used to be called “retirement”; that is, they’re moving from the accumulation phase of investing into the distribution phase.

“Assurance that I will have enough money for the rest of my life to live comfortably and to do what I wish to do” – age 68

Millennials are too far away from that point to think of financial security in terms of retirement. They’re interested in their immediate needs.

“Being able to pay for bills, wants, and needs without going from pay check to pay check” – age 30

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Dig a little deeper, and the pattern is even clearer. When asked a related question about financial security – i.e., why they invest – each generation has its own focus, but all are linked to a stage of life.

Baby Boomers relate to the category “to provide a feeling of comfort and security.” They’re interested in doing what they wish and aren’t as interested in “to be able to retire one day.” We presume that’s because Boomers are already there or, at least, very close.

For Gen X, the reason they invest is overwhelmingly “to be able to retire one day.” They’re probably realizing that the day is fast approaching, so their needs and wants right now are starting to pale in importance. They’re feeling the pressure to generate money and accumulate it fast.

“Not to worry about not having enough money for retirement” – age 45

Millennials aren’t far behind. They tell us that being able to retire one day is the number-one reason they’ve decided to invest. Yet interestingly, their focus remains on the present. They concentrate on paying the bills. They want the financial stability to feel comfortable today.

As a side note, we also learned that the three generations are alike in one more way. As a rule, none of them are hanging their hats on being able to retire early.

We interpret these and related results in two ways.

■■ First, it appears that the closer to retirement investors are, the fewer concerns they have about day-to-day living.

■■ Conversely, the farther away retirement is, the more concerns they have about financial stability – i.e., the ability to pay the bills.

ImplicationsWhat are the implications for financial professionals to consider?

Different generations may have different pain points about investing and retirement planning, but how they define financial security — and what motivates them to invest in the first place — is clearly linked to the individual’s stage of life.

Identifying and addressing these drivers will help advisors build effective financial strategies for their clientele. The idea is to zero in on what’s top of mind for different generations. In the process, trust will deepen, and clients will feel much more understood by their advisors — which, as we are about to see, is no longer a “nice-to-have.” To today’s client, it’s a “must-have.”

What’s the Value of Advice? How do the different generations perceive the value of advice?

“Value” can be a nebulous concept. It begs the question, what is value? What has value? Is value relative to the individual? Can it be measured? And so forth.

So, instead of asking our respondents what they perceive to be the value of advice, we teased out answers from related questions.

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In It for the Long Term

First, our study revealed that today’s investors have definite ideas about the type of financial advice they want and, by extension, its value.

When it comes to advice about specific types of investment opportunities (e.g., non-traditional investments, or breaking developments in the markets), emerging markets is the one sector that our respondents call out to any significant degree. Gen X puts a high value on information about this market; Boomers and Millennials are interested, but not as emphatically. This was a notable generational discrepancy.

But all three generations agree when it comes to more strategic perspectives and advice on investing, in general: Half of our respondents say the most important type of financial advice is how to build financial stability over the long term.

Even more revealing is the fact that all three generations prefer to get this long-term, strategic guidance from a living, breathing advisor rather than from an online source, such as the so-called “robo-advisor.”

When it comes to an advisor’s experience, it’s most valuable for Gen Xers if he or she has given them good advice in the past. Far fewer Millennials say the same, but as the least experienced investors, it’s not surprising that they may not have prior advice to use as a plumb line.

Put all this together and we begin to get a sense of the most valued type of advice:

■■ It’s strategic, focused on building stability over the long term, and comes from a financial advisor.

■■ This implies that no matter what their age, investors continue to value the human factor. And later, in our section about where the generations go for advice, we’ll see that this, in fact, seems to hold true.

Delivery Counts

Second, it isn’t just a certain type of advice that investors want, though. They also want their advice delivered in a certain manner.

It’s very important that the financial advice being given does not sound like a sales pitch. This is a sensitive point for investors of all ages, no matter what the generation. In fact, three-quarters of everyone surveyed agree that advice which is objective and doesn’t appear to be a sales tactic — whether in tone or in bias toward a certain product — can be deemed “valuable.”

The contact mode counts, too. Contrary to what some might think, even the younger generations prefer face-to-face communication, with well over a third of Boomers, Gen Xers and Millennials choosing a face-to-face meeting versus calling, emailing, or texting.

After that, generational differences start to surface. Younger investors prefer email as the secondary mode of communication. Boomers prefer a phone call. Interestingly, only three percent of Millennials — who supposedly text about everything with anyone — choose texting as the primary method of communicating with a financial advisor.

The study also found that different scenarios call for certain types of communication.

Initial interaction with a financial advisor should be face-to-face.

■■ The same goes for regular reviews of investments, which investors expect from one to three times a year.

In fact, investors across generations agree that face-to-face is important in these scenarios, with a third underscoring its importance in initial meetings.

This isn’t to say that all communication with a financial advisor must be done in person. For regular updates, email is acceptable to well over half of our respondents. And news about a tough day in the markets can be handled with a phone call, according to a third of Boomers and a quarter of both Gen X and the Millennials.

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Relationship Rules

Third, another important driver of value for investors is the advisor’s understanding of the individual’s financial goals and the advisor’s ability to relate to those goals. No one is quite the same, this seems to say, and each individual’s personal dream is unique. If an advisor is able to see the individual, appreciate that person’s own hopes and dreams, and even empathize, then something is born which carries a great deal of weight with today’s investors: a relationship.

“I believe the term Financial Advisor used in the context of this survey is too restrictive. My advisor provides me more guidance than on what and where to invest” – age 75

This is especially true for the youngest and the eldest of the three generations in our study. Both Millennials and Boomers name “understanding and relating to my financial goals” as the single most important ingredient lending value to an advisor’s guidance.

No One-Size-Fits-All, Please

Along similar lines, investors have definite ideas about how a financial advisor ought to engage with a client. The vision is similar across generations: We found that the number-one expectation investors have for financial advisors is what we’re calling personalization. In other words, it’s critical to appreciate and address each client’s uniqueness and unique situation or lifestyle. The financial advisor, we are told, should then create a strategy tailored to achieving the client’s equally unique goals. Advice, our respondents suggest, should never be “one-size-fit-all.”

“I have found that the problem with financial advisors is: 1)They tend to be sheep following the market and what everyone else is doing. 2) They tend to only be familiar with a small variety of product” – age 52

Although such individualized attention is one of the top drivers of value for all generations, we found that it’s comparatively more important to Boomers. A few other fine points vary slightly from generation to generation, too.

■■ Boomers tend to think of the financial advisor as a partner more than the other generations do. The advisor is someone who will work in partnership with the client to plan for and achieve the client’s goals. There’s an intimacy here that’s not nearly as important to the two younger generations of investors.

“Interesting. It would appear I am a product of my rearing and current chronological age. I still prefer a one-to-one relationship with professionals” – age 69

■■ The younger investors, on the other hand, describe themselves as “very busy.” As a result, Gen X and the Millennials emphasize that they want advisors to save them time while still providing an individualized strategy.

Given the strong value placed on understanding an individual, appreciating his or her lifestyle and personalizing investment strategies, one set of results is very significant: Overall, our

respondents believe that advisors today are not living up

to expectations.

■■ Despite being the generation that least uses a financial advisor and has the least experience working with one, Millennials are the most generous in their assessment of advisors’ job performance. Fewer than half, though, say that financial advisors understand and relate to their lifestyle.

■■ The study found that “understand and know me and my family” is not the current sweet spot of the financial services industry. Only 27 percent of Boomers, 29 percent of Gen Xers and 38 percent of Millennials feel the industry is doing well in this area.

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■■ And less than half of investors across the generations feel that financial advisors do well understanding and relating to individual investors’ financial goals.

■■ The bottom line here: Less than 50 percent in every generation are feeling fully served by financial advisors in key value areas, including relating to lifestyle, relating to financial goals and knowing them and their family.

“We need Financial Advisors that are people” – age 53

Where Do Investors Go for Advice? Which method of receiving financial advice do they value more – from a robo-advisor or through a human advisor?

Earlier, we noted that advice for the long-term is the type most valued by today’s investors — that is, advice which helps them build financial stability over time. Where do they get it?

ImplicationsWe believe financial professionals would be wise to pay attention to these results since they address the very heart of what they offer: the value of their advice.

The study reveals that, for today’s investors, value seems less related to an advisor’s past results and more centered on how the advisor relates with the client. Every generation not only places high importance on individualized advice but has come to expect it. In fact, our results indicate that “personalization” has become more crucial than ever, and that clients are very attuned to the nuances, measuring the advice they receive against their expectations.

By focusing on clients’ unique financial goals, advisors can satisfy this need while also avoiding the dreaded one-size-fits-all sales pitch. We’ve heard this before but, once again, it was driven home in this research: It’s vital to have conversations with today’s clients and better to provide helpful suggestions or strategies rather than peddle financial products.

In the same vein, the generations expect to receive advice in a manner that suits their lifestyle. Different ages value different modes of communication. While meeting face-to-face is preferable for everyone in most instances — and is expected one to three times per year — after that, advisors should email Millennial and Gen X clients, and call Boomers.

The younger generations also tell us they’re so busy that saving time is a big priority. Lengthy meetings and too many phone calls are worse than annoyances. If these clients are even going to use an advisor, then it has to be someone who respects their time.

Above all, the results indicate that there is tremendous opportunity for the advisor who pays attention to what investors are saying. They have very clear desires and expectations. They want an advisor who knows and understands both the client and the client’s family, and who, as a result, understands this person’s unique financial goals.

These are the things that investors today value. Advisors need to take the time to meet these very important but starkly underserved desires.

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Good News for Advisors

Despite dire predictions in the media that “robo-advisors” are replacing human beings, the majority of our respondents say a financial advisor is still the best source of that long-term strategic advice they want.

Unlike many of our other findings, this also skews younger in a positive way: The younger the investor, the more likely she or he is to say it. A full 70 percent of Millennials, 65 percent of Gen Xers and 52 percent of Boomers responded this way.

Most investors also think that advisors will remain necessary in the future, although their roles may look different than in times past.

Turning to Folks and Friends

Advisors aren’t necessarily the first source of financial guidance, though, or at least not for Millennials. We found that almost a quarter cite parents as their first source, whereas half of Boomers and a third of Gen Xers turn first to their financial advisor.

Not surprisingly, members of the youngest generation also look to their social networks for financial advice, meaning they’re far more likely than Boomers to ask their friends or co-workers for advice. (The other two generations tend to turn to the financial media for secondary financial input.)

Why do Millennials turn to their peers on social networks more than to advisors? It may relate to stage of life, once again. Or it may be a misperception — one with important ramifications for financial advisors.

“Financial advisers seem to be for the wealthy or the poor. I don’t feel like the average person uses them” – age 30

■■ Our study reveals that more than a quarter of Millennials plan to engage the help of a financial advisor once they believe that they have enough money.

■■ By comparison, very few Gen Xers and Boomers say this, probably because they already have both money and an advisor.

■■ What does “having enough money” mean? Investors within the Millennial ranks may be staying away because they don’t understand how little it takes to start investing. And they might not realize that investing small amounts early on can have a large impact over time.

This misunderstanding or misperception represents an opportunity for advisors, of course. But it’s not the only one.

Do-It-Yourself Investing?

When it comes to so-called robo-advisors, we found that the younger the investor, the more likely he or she is to invest online. In fact, our study has uncovered some interesting findings about generational preferences for robo-advising versus the traditional financial advisor relationship.

About a quarter of each generation reports investing online, with little or no direct involvement from an advisor. Millennials edge out the others. Gen X is most likely to mix the use of a financial advisor with online investing. And all three groups express openness to using automated advisors in the future. This includes Boomers, who are typically the most reticent.

So what’s the appeal of self-directed investing options?

■■ First, there’s the “more is better” philosophy; about a third feel the more self-directed options they have, the better.

■■ An even greater number believe that self-directed investing fits with what they see as today’s “entrepreneurial climate,” although this decreases with age.

■■ Despite these perceptions, though, most study respondents have little experience with robo-advising and less than 20 percent indicate high interest.

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When we pore over the data, then, the main thing that strikes us is: Online options aren’t necessarily direct competition for advisors.

Rather, we’re gathering that access to online information is boosting the confidence of both investors and potential investors. For instance, half of our respondents say that over the past five years, they’ve become more skilled with financial information. And the vast majority — 72 percent — still feel advisors will be needed to manage their investments five years from now.

In our estimation, it’s very possible that robo-advisors and human advisors can coexist, after all. They might even complement each other, far better than many have imagined.

ImplicationsWe believe the bottom line for the industry, at this point anyway, is more optimistic than not.

First, financial advisors are not irrelevant in the eyes of investors today, and this trend isn’t just continuing with younger investors but actually increasing. They see advisors as their best long-term strategy — a point that marries perfectly with the practice of cultivating young clients before they have a fortune to invest.

■ In fact, this is a real opportunity for advisors — an opportunity to show young investors what to invest and how. They can help Millennials start small and early, which can lead to huge gains over time, which ultimately leads to remarkable client loyalty.

■ It’s also a win for the younger investors. Currently they’re not jumping in because, we’ve learned, they don’t seem to realize how little it takes to get going. But they do have some money and a willingness to try. An advisor willing to walk with them could be all it takes.

Second, since Millennials see their social networks

as sources of financial advice, a little could go a long way in winning these clients. Winning one Millennial could easily mean winning any number of their social connections.

Third, robo-advising is most likely here to stay, at least for some segment of today’s investors, and ignoring this new factor in the world of investing won’t make it go away. In fact, it may actually make an advisor seem out of touch to not know, understand and acknowledge online investing. Besides that, many investors tell us that accessing online investment sites is boosting their confidence, including their confidence to work with advisors. It also remains to be seen whether the openness to using automated advisors we’ve heard about will turn into action.

Finally, investors tell us that robo-advising cannot replace the human contact and service of an advisor. This is especially the case when it comes to something that’s very important to them: They want to make investments that take into account their own unique dreams, concerns and circumstances. No robo-advisor today can manage that, but the best human advisors can and do.

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ConclusionWhile this study revealed no major surprises, it emphatically reminds us of important investor trends that have been around for a while now — and that continue to gain steam. Investing is changing. Investors’ desires and expectations are changing. And because of technology, investors no longer have to turn to financial intermediaries for the advice they want. As such, it’s becoming more and more critical for the financial services

industry to recognize and respond to these trends.

Three main points stand out for us:

1. It’s clear that the generations’ motivations for investing are different, although not dramatically so. At the same time, there’s a relatively consistent set of values and expectations that transcend age. Boomers might save for comfort or security, while Millennials and Gen X do so for financial stability or retirement. All three groups, though, place the most value on long-term strategic advice and believe that the best place to get it is through a financial advisor. This bodes well for advisors. Yet investors also have alternatives now. Although self-directed investing, or robo-advising, is far from mainstream, investors are intrigued. They gain financial confidence when they go online for information. And a percentage of those who don’t use robo-advising still express high interest in using it in the future. If today’s investors don’t get what they want and expect from today’s financial advisors, they could go online instead.

2. While the financial advisor still has an important role to play, this role must be defined in terms of client expectations and values. In fact, it’s time to let go of old ways of providing advice, ones that date back to an era when the advisor was the only option available.

In particular, investor expectations and industry delivery are not lining up in several areas. The financial industry would do well to step it up in the realm of personalization — getting to know investors and their families, and understanding investors’ unique lifestyles and financial goals. Advisors need to build unique relationships with clients. And just as investment strategies can no longer be “one-size-fits-all,” neither can communication styles and modes.

3. Even though all three generations of investors say they want relationships with advisors, this could change. Technology is disrupting the world of investing and, of course, it’s moving faster all the time. And because of technology, Millennials in particular don’t feel they have to rely on advisors to invest; they have more options than other generations did. In fact, as Millennials continue to advance in age — in combination with Boomers transitioning into a life stage that significantly affects their spending power and investment profile — it’s likely that the trends that Millennials drive will increase in strength. Millennials’ influence on this industry is only increasing, and they’re becoming more vocal. More and more, they’re telling us about the areas mentioned above, where advisors simply aren’t meeting their expectations.

Put it all together, and we suggest that the industry faces an issue larger than ones it has in the past: the need to listen and respond

to the desires and expectations of all clients, no matter what

their age group. We believe that in today’s changing world, we’re being told that the role of the financial intermediary (the advisor) needs to change.

We conclude that the “opportunities for improvement” our respondents cited should be taken seriously.

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Research Study MethodologyFirst Clearing and The Center for Generational Kinetics jointly led this research study. The survey was administered to 1,012 Americans, 22-75 years of age, with a 25 percent over-sample of Millennials.

The sample was screened for those who currently have any investments (including stocks, bonds, real estate and/or 401k retirement plans) and who contribute to all or some of them regularly, with the exception of Millennials who, if not currently investing and contributing regularly, were run through an in-depth screening battery to gauge intent and likelihood of becoming a regular investor. The survey was conducted online in June 2015 and has a confidence interval of +/-3.1 percent.

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About First ClearingEmpowering Quality Firms and Advisors to Help Their Clients Succeed Financially

Now in our fourth decade of service to quality, independently owned broker-dealers, First Clearing maintains a leading position in empowering firms, their leaders, and their advisors to

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Our team of experienced professionals offers some of the industry’s best thought leadership and innovative approaches to business advancement. Because of our affiliation with Wells Fargo Advisors, one of the nation’s largest brokerage firms, and our parent company Wells Fargo & Company, one of the world’s most admired financial services firms and valued brands, we support multiple business models. Our clients enjoy access to vast resources, including: a full range of investment, advisory and banking products; industry-leading research; alternative investments; fixed income, lending, retirement, and trust services; advanced advisor workstation and workflow technologies; risk-management and compliance support; and advisor recruiting services. Financial professionals with our client firms have exclusive access to First Clearing’s Growth Accelerator® – a professional-development and practice-consulting program designed to take an advisor’s practice to the next level.

Headquartered in St. Louis, MO, First Clearing is a member of the New York Stock Exchange, NASDAQ, and other major exchanges.

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About The Center for Generational Kinetics

The Center for Generational Kinetics is the number one Millennials research and strategy firm. The Center’s team of PhD researchers and on-site speakers help companies and organizations solve tough generational challenges with Millennials, iGen and emerging generational trends. Each year The Center works with over 125 clients around the world from car manufacturers and hoteliers to insurance, healthcare and technology. The Center’s team is frequently quoted in the media about the effect of generations on everything from education to retirement. Learn more at genhq.com

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For Broker-Dealer Use Only – Not to be Distributed to the General Public

This material was written by First Clearing and The Center for Generational Kinetics. It has been prepared and is distributed solely for informational purposes. First Clearing has not verified the information and opinions in this report, nor does it make any representations as to their accuracy or completeness.

Pub 04/16

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