A new study issued by JD Power explores overall investor satisfaction with wealth management forms. Millennials have been the focus of a great deal of research in recent years particularly as it relates to their financial habits and their future planning. Investment planning often works alongside estate planning, but many millennials don’t see the benefits of estate planning while young. However, estate planning makes sense for people of all ages and at every stage in life.
New research indicates that millennials may be more involved with their investment planning than past generations, which makes it all the more important for them to incorporate estate planning.
This study identified that nearly half of all millennials who had at least $100,000 in investible assets intended to leave their current investment firm. Other generations of investors, however, did not show up in the study in the same way. Approximately 8% of investors in other age categories indicated they were planning to leave their investment advisor. This is an important consideration for millennials who are aiming to plan ahead.
Although millennials have a tendency to move around from one job to another, identifying a comprehensive financial and estate planning plan as well as an asset protection plan is important for anyone looking ahead to the future. Articulating these items sooner rather than later gives you room for flexibility and changing your plans as necessary. Talk to a Pasadena estate planning lawyer.
