Issue link: https://resources.envestnet.com/i/1527494
Generational Triggers for Seeking Financial Advice The study revealed significant differences among generations and income levels when it comes to the drivers of why and when they engage a financial professional. Uncovering and understanding these events—and their intersection with generations and affluence—are essential pieces of information for an advisor to know, because it creates even more specificity around the clients' needs and helps tailor the conversation for greater impact. The study found that Affluent older generations are significantly more likely than Affluent younger generations to consult with a financial professional when entering a new life stage, setting up a will or trust, and after a major life trauma. Affluent younger generations, by contrast, are significantly more likely than Affluent older generations to consult with a financial professional before a large life change, before or after paying taxes, before or after making a large purchase, and before or after taking out a loan. What event would drive you to consult with a financial professional? Top Three Ranked 53% 53% 57% 47% Younger Millennials (25-35) Older Millennials (36-44) Gen X (45-56) Boomers (57-65) Planning your long-term financial goals Entering a new life stage, such as retirement Setting up a will or trust After a major life trauma, such as illness, death in the family, or accident Before a large life change (moving marriage, children, etc.) Fluctuations in the stock market or real estate market Before of after paying taxes Before or after making a large purchase Before or after taking out a loan None of these Other, please specify 36% 46% 58% 47% 36% 48% 53% 44% 28% 28% 35% 36% 30% 30% 19% 23% 26% 23% 21% 24% 23% 20% 13% 14% 26% 18% 12% 8% 26% 20% 9% 8% 6% 5% 7% 0% 1% 1% 1% 16% ©2023 Envestnet, Inc. and The Center for Generational Kinetics. All rights reserved. 18