In Perspectives

Move over baby boomers because in 2019 millennials surpassed you by becoming the largest generation in the United States. With this generation’s increase of financial inheritance compared to the previous generation, financial advisors need to adapt new business models to attract and retain younger clients.

One suggestion is that advisors should consider a subscription fee schedule. “Create a model based on an annual fee, monthly fee or percentage of income,” says Billy Spencer, a wealth planner at Crestwood Advisors.

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