Despite talk about millennials seeking a solid work/life balance, compensation is actually the biggest driving factor of talent retention, according to an informal flash poll by Pershing Advisor Services of about 20 financial professionals aged from 23 to 34.
Almost half (45 percent) of millennials working at financial services firms say compensation is the reward that motivates them the most. About a third (31 percent) cited recognition as their top motivator.
The biggest concern among millennials going into 2016 was their personal career, followed by disruptive technologies and their firms’ overall business and strategies. The regulatory environment and political elections ranked last among millennial concerns.
The poll also found that working at a financial services firm is no guarantee that millennials will be more inclined to think of their financial future. About 55 percent said they did not have a brokerage account, while a third rely on friends and family to help them manage their finances. Only one millennial reported using a financial advisor.