How advisers can succeed with millennial investors
Updated on 9 September 2025 | 5 minute read | Brie Williams, Global Head of Advisory Solutions and Wealth Intelligence, State Street Investment Management
Millennials are the fastest-growing generation of investors. They’re high-earning, well-educated, and ready to build wealth. As a financial adviser, you can benefit from this trend with the right approach.
This article is based on the 2024 Influential Investor Segment Study which uncovers what millennial, Gen X, women, and hybrid investors want – and how you can better attract and retain these high-growth client segments. The study surveyed 1,503 US individual investors. All figures reflect US data.
Who are millennial investors?
Now aged in their 30s and 40s, millennials have evolving financial needs. Their increasing wealth means they’re reshaping their approach to how they manage their money.
- They’re open to forging their own path.
- Many remember the days before the internet.
- They’re tech-savvy and expect to engage with financial services across multiple platforms.
What millennials need
Many millennial investors seek services to manage cash flow, private banking and debt reduction. They often work with advisers to develop their financial plans.
They might be engaged but millennials need more than basic guidance. Their financial needs are complex and dynamic.
This means they need tailored, holistic support that aligns with their goals and aspirations.
Key traits of millennial investors
Born between 1981 and 1996, millennials are the largest and most diverse group in our population.
They’re at varying stages in their careers, family life, and wealth-building journeys. This means advisers have a great opportunity to help with their unique financial challenges.
Millennials face challenges like:
- student loan debt
- high housing costs
- and economic uncertainty.
But they have advantages.
They’re better educated and have higher household incomes than other investor segments like hybrid, Generation X (Gen X), and women.1
- On average, the millennial household income is over $200,000.1
- Many are entering their prime earning years and they want to grow wealth.1
When it comes to advice about money, millennials want tailored guidance for both their current needs and future goals. They prefer advisers who work with them as partners and offer a proactive approach.
Millennial investor snapshot
Millennials have lived through some big events – from the 2008 financial crisis to a global pandemic – that have shaped how they think about money. It’s influenced their financial priorities and formed their investing habits.
Resilient
Millennials show notable optimism. Even with higher debt, 74% feel positive about their financial futures. This beats Gen X, where only 64% share that optimism.2
Tech-savvy
Nearly half (47%) of self-directed millennials rely on digital tools for investment decisions. But they don’t want tech to replace personal advice – they see it as a helpful add-on.1
Resourceful
Many millennials (82%) are a hybrid or self-directed investor. This means they use a variety of resources including online investment platforms and advisers.1
Well-educated
Education is a feature for millennials. A massive 91% have undergraduate or graduate degrees.3 This gives them the confidence to navigate their finances.
What do millennial investors think are the cons of self-service platforms?
Per cent of respondents
46%
Risk of poor decisions and financial loss
37%
No guidance or sounding board for ideas
36%
Time needed to research and manage investments
Source: State Street Global Advisors Research Center, 2024 Influential Investor Segment Study, September 2023. Question: What are the cons of using a self-service online trading platform(s)?
What millennial investors want from advisers
Millennials may know how to use all the online tools and resources at their fingertips. But they still see value in working with a financial adviser.
Why? Because advisers offer something that apps and websites can’t: real partnership, experience, and expert solutions.
Teamwork, not just instructions
Millennials want to work with you, not just be told what to do. In fact, 67% of millennials want to make decisions together with their adviser.1 They like advisers who listen, adapt, and treat them as equals.
Regular check-ins
They prefer frequent and meaningful contact. About 25% would like weekly or even daily updates. This shows how important it is to stay in touch.1
Personalised solutions
They expect advice that’s tailored to their unique situation and values. This could be anything from help with managing debt to exploring alternative investments.
Clear value for money
Millennials want to know exactly what they’re getting for the fees they pay. They expect advisers to show how their services help with both immediate and long-term goals.
4 steps to win and keep millennial clients
Be a teacher and partner
Millennials value education and collaboration. Try these ideas:
- Create videos, podcasts, and other content about how to reach lifestyle goals.
- Flag key concerns early and have solutions ready – like managing liquidity with cash flow strategies or balancing competing priorities through multi-goal planning.
These are just a few ways you can empower clients to take an active role in their financial journey. And they’ll value you as a helpful partner.
Use tech to work smarter together
Millennials like technology that enhances, rather than replaces, human expertise. Here’s how to use it well:
- Offer tools that nudge, remind, and organise financial tasks for clients. They keep conversations productive. And encourage timely action.
- Use interactive visuals to explain complex ideas. This is great for data like risk assessments or portfolio performance. It makes it easier for clients to see and understand their finances.
Smart use of tech is all about building trust and giving clients the confidence to make better decisions.
Focus on non-traditional investments
Millennials have an appetite for alternatives. They’re interested in things like private markets, digital assets, and real estate.
This stems from their desire to explore new opportunities and diversify their portfolios.
You can stand out from the crowd by:
- guiding them through due diligence
- offering actionable insights
- evaluating how these investments align with their broader financial goals.
Show how your advice helps reach goals
Millennials want to see real results. So, it’s important to make your value clear. You need to explain how your advice impacts their goals.
An example to get you started:
- Explain how staying invested during market volatility can maximise long-term outcomes through compounding returns, dividend growth, and capital appreciation.
The opportunity for advisers
Now’s the time to show millennials how financial planning can help them:
navigate diverse goals
manage debt
plan for retirement
secure their financial future.
You can go a long way to gaining their trust with services that are proactive and address their financial goals. You’ll also need to support their mixed-method investment strategies and complex goals.
The benefits go both ways. By aligning with their values and preferences, advisers can play a vital role in shaping the future of wealth management for millennial investors. And you can help make sure your practice stays relevant and grows in an evolving market.
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