Generation Shift: Why Millennials and Gen Z Might Ditch Old-School Investment Firms
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Source: Pexels
Traditional wealth management companies might need to rethink their strategy or risk losing younger clients with new regulations set to reveal high banking fees.
According to a new investment satisfaction survey by J.D. Power, 25% of Gen Z and 22% of Millennials would consider switching wealth management firms in the next year, citing high transaction costs as their main concern.1
The upcoming fee transparency regulations, known as total cost reporting, are set to take effect in 2026 and would require more clarity and communication in explaining the costs and fees associated with investments.
This sentiment is echoed in findings from a Broadridge/Roubini ThoughtLab survey, which illustrates that Millennials possess a deep understanding of financial concepts ...