The face of wealth is beginning to tip to Gen X and Millennials and today’s millionaires differ quite a bit from older generations, according to Fidelity Investments 9th Millionaire Outlook Study.
The study found Gen X and Y millionaires expect their financial advisors to grow their money more than Baby Boomer millionaires, 16 percent on average investment return as compared to Boomers who expect a seven percent.
Gen X and Y millionaires are willingly to pay more for an advisor if they help them reach not only their financial goals, but life goals and make better healthcare decisions. 62 percent of the younger millionaires said they would like their financial advisor to provide more comprehensive services versus 25 percent of Boomers.
The younger millionaires also have more aggressive portfolios. 14 percent of them hold derivatives, 19 percent hold VC investments and 16 percent hold foreign currency as compared to 6 percent, 6 percent and 5 percent of Baby Boomers for the three categories.