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.
Most “Generation Now” investors have, at some point, had a negative experience with some type of financial advisor.
In these times, investors have been misled by advisors, or sold products with hidden fees, only to find out later what had actually happened.
The perceived lack of transparency and honesty in the broader field (of investment services) causes “Generation Now” to approach advisor relationship with caution and a degree of skepticism.
I would say for me to work with a financial advisor, I would want somebody who’s honest. You know, explains to me the fees up front… I just want something that’s real, and not cheesy, and not trying to hide anything, or hold anything back
This is the eleventh of 12 posts examining Generation Now.
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