When it comes to staying in touch with younger investors, face-to-face or phone contact trumps social media outlets like Facebook, Twitter, or LinkedIn. That, according to a survey from Merrill Lynch Private Banking & Investment Group, is just one finding that advisors need to keep in mind when looking to attract and keep clients in their 20s and 30s. Titled "Young High Net Worth Insights," the survey reached out to 153 investors between 18 and 35 with more than $1 million in investable assets.
The results from the February survey, like the preference for direct communication, show that younger generations are taking cues from their parents when it comes to how to approach investing. Almost 70% of the respondents believe their parents approach investing the right way versus 31% who say their parents do not; 65% of respondents invest like their parents versus 35% who do not; and 65% think their parents' investment approach still works today versus 35% who say it does not.
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