Nearly three-quarters (71%) of financial advisors say they plan to work at least 16 more years — but a new survey suggests that they appear to be looking past the next generation of clients.
In fact, only about a third (32%) of financial advisors say they are worried about attracting the next generation of clients, according to the Hartford Funds third annual “Advisor Anxiety Survey.”
More than half of advisors who plan to work for more than 15 more years target Millennials less than any other age group or not at all, according to the survey of more than 100 financial advisors. Similarly, over half (51%) of advisors who plan to work for more than 20 years are also targeting Millennials less than any other age group or not at all.
Asked how much they focus on attracting Millennial clients, 56% of advisors said “less than other age groups” or “not at all,” although 7-in-10 reported that they target clients in their late 20s and early- to mid-30s. Furthermore, the majority (63%) of financial advisors who say they’re not targeting Millennials at all are also pursuing prospects in this age group, suggesting confusion about the definition of Millennials.
Up at Night
Beyond concerns about their generational focus, the data underscore that the majority of financial advisors (57%) place market volatility at the forefront of the issues that keep them up at night, with interest rates a close second (51%) and international turmoil and its impact on markets third (46%).
Financial advisors appear to be unanimously less concerned by clients’ anxiety about saving and investing (42%). Concerns about inflation come in last, with only 9% of financial advisors noting this as an area of worry.
The survey of 103 financial advisors was fielded in-person and executed by Hartford Funds during June 2015.
