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U.S. millennial advisors are adopting financial planning services at a higher rate than their colleagues from other generations, according to data from research and consulting firm Cerulli Associates.

On average, a millennial advisor offers 5.1 planning services, compared with 4.6 for both gen X and boomer advisors. Millennials also provide planning services to more of their clients (82.5%) than other advisors. Only two-thirds of gen X advisors’ clients receive financial planning services.

Read: Training: not only for rookies

Marina Shtyrkov, a research analyst at Cerulli, said in a release that millennial advisors entering the workforce as comprehensive planners is a growing trend. “As more millennial advisors enter the industry, they may find different ways of building relationships with younger investors,” she says.

One reason could be younger clients expect more online financial planning features and more communication options, she adds.

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Originally published on Advisor.ca
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