Trends with Benefits #92: Wealth Planning for the Largest Generation, Millennials, with Stacey McKinnon

24 January 2023

Listen Time 38:39 MIN


Millennial investors have recently taken over as the largest generation in the U.S. What does this mean for financial advisors? How may their investment strategies have to adapt to accommodate this generation?

This episode’s guest is Stacey McKinnon, CMO and COO of Morton Wealth. Stacey guides me through the behavior patterns of millennials when it comes to investing. Notably, she describes the millennial generation as being divided into two - the older group is conservative and less trusting, while the younger group is optimistic and enthusiastic. Stacey explains that many millennials look toward investing in more tangible assets, like real estate. This may shift some advisors to focus on assets under advisement, rather than the traditional assets under management, and change their fee models. Additionally, working to create an impact is important to millennials, as well as younger generations. Stacey shares her three key ideas for career success: Competence, confidence and communication.

Show Notes:

04:58 Investor Behavior of Millennials

08:00 Approach to Portfolio Allocation

19:10 Stacey’s Background: Pilates Instructor to Wealth Advisor

27:27 Questions to Ask Financial Advisors

31:00 Long-Term Trends

33:36 Trend or Fad

Trend or Fad

Listen for Stacey’s take on crypto, TikTok financial influencers, ESG, electric vehicles, and hybrid work.

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