With tech-savvy Millennials tending to take a self-directed approach with their money, many financial planners are adopting a service model that pairs automation with a human element, according to a recent report from Accenture.
Millennials are used to gathering information from multiple sources, known as crowdsourcing, and rather than just rely on expert advice, they value partnership in decision-making. This makes the “hybrid model” of service described in the report, The New Face of Wealth Management: In the Era of Hybrid Advice, a good fit, with its combination of access to automated information and consultation with a financial planner.
Read the top tips from financial planners on advising Millennials in this Journal of Accountancy article.