“Our knowledge reveals they’ve a excessive diploma of belief in monetary advisors, and with many rich millennials anticipating to come back into cash from inheritance or the sale of a enterprise, their advisors will function a vital useful resource for data and assist,” Angie O’Leary, head of wealth planning at RBC Wealth Administration – U.S., mentioned in an announcement.
A complete of 250 high-earning, not-yet-rich millennials (HENRYs) and 750 high-net-worth millennials (these with family incomes of a minimum of US$250,000 and investable belongings between US$100,000 and US$999,000) participated within the December on-line quantitative ballot.
Based on the ballot findings, rich millennials worth skilled recommendation.
When requested how they handle their funds along with different commitments like dwelling possession, establishing a household, caring for aged dad and mom, and setting cash apart for his or her youngsters’s college, 59% of respondents mentioned it was powerful.
After eliminating debt, build up an emergency fund, and funding their 401(ok) to the utmost, 72% of members acknowledged they had been unsure about what to do subsequent.