Millenials expect more from financial advisors.
Financial investors are facing unprecedented demands to use IT collaboration tools from millenials, who want more say in how their money is invested.
A survey found that 89% of millenials thought that modern financial tools were an important factor in choosing a financial investor, whilst half of those looking to change how they manage their money wanted to collaborate more with their advisor.
It was also revealed that a third of millenials were making important investment decisions via email, whilst only 13% of baby boomers were doing the same.
Simon Mulcahy, SVP of financial services at the software vendor Salesforce, which commissioned the survey, said: "The modern financial advisor is under siege. It’s not just millennials who are demanding digital, collaborative technology from advisors, but also Gen Xers and boomers.
"This new research shows that advisors who embrace modern modelling tools, websites with proactive investment advice and other new technologies stand a better chance of capturing today’s affluent investors."
The research also discovered that younger generations had a colder relationship with their financial advisors than the baby boomers.
Only half of the millenials and generation X trusted their financial advisors to have their best interests at heart, compared to just under three-quarters of the baby boomers.
In addition a mere third of millenials said their financial advisor would recognise them when passing them on the street, whilst double the proportion of baby boomers said the same.
"The days of selling financial products are over – today’s investing consumer demands better management of their financial life, and advisers must innovate to answer that call," said Mike Capelle, chief strategy officer at United Capital.
"As consumers rely on technology for most of their daily activities, the time is now for financial advisers to embrace it in all of their work with and for clients."