‘One-stop shop’ for millenials urged

‘One-stop shop’ for millenials urged

Millennials, the generation aged 18-34, need a “one-stop shop” where they can go to find information on how to invest, the UK’s Wealth Management Association (WMA) has urged.

Speaking at the WMA’s Millennial Forum 2016 last week, Oliver Mustin, a chartered wealth manager at BRI Wealth Management and WMA member, believes the industry is ready to have its “uber moment”.

“Many millennials will know more about their uber ride home last night than they will about many aspects of their financial affairs,” he said. He argues that this illustrates the need for a “simple, easy to understand product with transparent fee structures”.

Successive financial crises have created a generation that generally mistrusts the financial services industry, he added.

“Millennials are quite cautious in their investments. Those that invest do so conservatively, very few invest in shares, favouring physical assets and cash,” said Mustin.  READ MORE: http://www.international-adviser.com/news/1029778/wealth-management-uber-moment-attract-millennials#sthash.06rf6jAy.dpuf

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