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Millennials Claim to Be Saving for Retirement, Just Not with Financial Advisors

Fifty-five percent of millennials said they were open to working with their parents’ financial advisor.

While 69 percent of millennials report not working with a financial advisor, two-thirds of them say they are actively saving for retirement, according to new research from Broadridge Financial Solutions.

Broadridge’s survey of 1,000-plus U.S. residents aged 22 to 59 found that millennials have the most confidence across all age groups in using savings accounts as an investment vehicle, while older respondents are more likely to trust workplace retirement plans.

“This demonstrates a significant need for financial guidance,” said Cindy Dash, head of Broadridge’s Matrix Financial Solutions. “The good news is that advisors don’t need to completely reinvent the wheel to meaningfully engage the next generation of clients. They just need to know and take action on what millennials actually want.”

The study reveals that millennials are open to working with their parents’financial advisors (55 percent), but only 20 percent have met them. They also prefer face-to-face meetings, and 69 percent prefer updates monthly, weekly or daily.

“Millennials are open to receiving investment advice and planning for retirement,” Dash said. “The results of the study show a clear opportunity for financial advisors to utilize technology-enabled solutions to better educate and communicate with all generations, including millennials.”

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