Schwab funded a research study to find out what the next generation – “Generation Now” – believes and how it views the world. They wanted to understand how they view their future, determine their fears, attitudes and behaviors.
“Generation Now” is 30 – 45 years old. They have graduated from college, have a career and are making good money. But as they reached adulthood, the events they grew up with shaped them and their attitudes.
Though exceptions exist, many “Generation Now” Investors don’t believe their best interests are taken to heart when dealing with the Financial Professionals and Advisors in their life.
For these investors, there’s the perception that advisors are simply salesmen in suits, who steer clients into products that they’re incentivized to sell – either from corporate directives, or due to high commissions – rather than based on a client’s best interests or unique needs
Sometimes I feel like they have an agenda, and they’re really interested in how much you have to invest, and how much you have. And I just kind of feel like it’s really self serving sometimes. So if they really try to get to know me as a person, and come to my level, respect me and treat me as I want to be treated, with my best interests in mind, then maybe I would trust them a little bit more.
This is the tenth of 12 posts examining Generation Now.
Contact us for a complete copy of the report.