Millennials might be known as the "me me me generation," the tech-savvy generation that popularized selfies. Generation Y clients, however, aren't as preoccupied with themselves as they may appear when it comes to their investments. According to a recent U.S Trust study, millennials are prioritizing social, environmental issues and the greater good when choosing an investing strategy.

Social impact investing, a strategy that combines positive social-environmental and financial returns, is the preferred financial planning approach for young HNW clients, according to the annual U.S. Trust Insights on Wealth and Worth Survey. Bank of America's elite wealth management unit surveyed 684 HNW investors and found millennials made social impact investments more than any other age group. More than 85% of millennial respondents expressed an interest in or owned social impact investments.

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