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Progressive Advisors Ready to Serve Young Wealthy Investors

  • By Andrea Schlapia
  • |
  • March 10, 2015

 Raingin money on a buisiness man with an umbrella

Beaming in the headlines this morning I read, “Emerging Wealthy Investors Not Sure Wanted by Financial Advisors.”

The seventh annual Millionaire Outlook study conducted by Fidelity says, “The makeup of the nation’s wealthy is changing, and while some advisors are ahead of that shift, many more haven’t realized the change or built their practices (and fees) to attract the emerging wealthy and mass affluent.”

For advisors to serve and remain relevant to these young investors, your attention and ability to adapt to their expectations is crucial. As aging clients transfer their wealth to the next of kin, firms are struggling to retain those assets. Your clients’ children have a mindset of their own and that includes freedom to choose a new advisor. What you have seen as your usual revenue source is going to change. This means advisory firms need to pinpoint a strategy to balance serving existing clients while connecting with young investors or face the chance of losing a large portion of assets.

Many advisors have shied away from creating a formal plan to reach out to the up and coming generation of investors; assuming the assets will stay within their firm. Other advisors feel that the next generation controls such a small portion of the country’s wealth, so why bother now.

These young investors may not have a pocket full of cash to invest with you now, but the transfer of wealth will take place and it will happen quickly.

  • $23 trillion dollars will transfer from Boomers to their children within eight years**
  • 71% of Millennials are investing, but just 21% are connected to a financial advisor**
  • Millennials will outpace Baby Boomer earnings by 2018***
  • Millennials will have $2.5 trillion in spending power by 2018***
  • 74% of Millennials say they influence the purchase decisions of other generations***

The Fidelity study goes on to show us the differences and similarities of their older counterparts:


  • Gender and ethnicity; two-thirds are female and one-third are non-white
  • Collaborative
  • Time is on their side to grow assets
  • Exhibit higher risk factors


  • Want to work hard and invest consistently
  • Concerned about financial security, but just as concerned about maintaining their lifestyle in retirement
  • Value professional financial advice

Bob Oros of Fidelity says, “The study represents a “call to action” in which advisors must decide if they are “ready to serve this segment. Those advisors who “see where the puck is going” and realize that “if I want to grow my business in a more predictable way, I need to serve this segment” of the emerging affluent.”

The Fidelity study included investor’s age 21 to 49 who have investable assets from $50,000 to $250,000 with annual income of least $100,000.

Read more from Oros and the Fidelity study here and check out: What Your Firm Needs to Do Now to Attract Next-Gen Investors.

“Advisors can’t wait until this next generation is wealthy before they start rolling out the red carpet.” -Tom Nally, TD Ameritrade

The foundation of our Performance Coaching and Consulting Programs are based on Ironstone’s Fundamental 4, which is essential to design, develop, and sustain a successful business. Our ultimate goal is to help you avoid trial and error; shifting your mindset to launch your process of intentional change. [LEARN MORE]


**Connecting Across the Ages: A Guide to Four Generations of Clients

***Edelman Insights 8095 Report. (2012, Dec 3). 8095 refreshed. Retrieved from -(

Photo credit: ©iStock/Getty Images


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Author Bio

Andrea Schlapia, RCC™, HCS, sHRBP, is the Founder and CEO of Ironstone, which represents the culmination of her 20+ year career within the financial services industry. Her experience began as a financial advisor evolving into a consultant coach for advisors entering the field. This ignited her passion to support others through learning and development of best practices in order to achieve substantial results. To this end, she followed her desire into positions of senior-level practice management specialists for Dreyfus, Prudential, and DWS Investments prior to the realization of Ironstone.  Andrea’s focus is on practice management strategies to enhance and improve both business and personal life. Andrea identifies 4 key performance areas known as the Fundamental 4™, which are required to design, develop, and sustain a successful business. Through coaching sessions and speaking engagements, she captivates her audience with interactive, high-energy presentations which are built with “how-to” strategies resulting in real-world implementation for significant impact. Andrea has been featured in multiple publications and audio broadcasts as a specialist and distinguished spokeswoman in the financial industry.