“Our data shows they have a high degree of trust in financial advisors, and with many wealthy millennials expecting to come into money from inheritance or the sale of a business, their advisors will serve as a crucial resource for information and support,” Angie O’Leary, head of wealth planning at RBC Wealth Management – U.S., said in a statement.
A total of 250 high-earning, not-yet-rich millennials (HENRYs) and 750 high-net-worth millennials (those with household incomes of at least US$250,000 and investable assets between US$100,000 and US$999,000) participated in the December online quantitative poll.
According to the poll findings, wealthy millennials value professional advice.
When asked how they manage their finances in addition to other commitments like home ownership, establishing a family, caring for elderly parents, and setting money aside for their children’s school, 59% of respondents said it was tough.
After eliminating debt, building up an emergency fund, and funding their 401(k) to the maximum, 72% of participants stated they were uncertain about what to do next.
