Surveys show that millennials don’t trust financial advisors. However, surveys can be damaging, especially if their conclusions are questionable. But most consumers believe survey results because they’re easy to remember. And in a sound-bite society where content is king and most young people are short on patience and in a frenetic rush to succeed, many consumers opt not to read. Why bother when they can absorb bite-size, real-time content 24/7 on their iPhones? The average consumer hardly questions survey standards and methods, such as the number of people surveyed and whether they’re a representative sample.
A survey conducted by research firm Corporate Insight found that that the investment industry is discriminating against millennials. Based on a survey of 500 advisors, only 30 percent of financial advisors are actively looking for clients under age 40. It’s widely (but incorrectly) believed that advisors prefer older clients because they have money, and thus are not interested in millennials. It’s time to right the scales and bridge the millennial/financial advisor misinformation gap.