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January 17, 2020 at 02:15 PM
High-income U.S. millennials may be much more likely than other millennials to get advice about financial advisors at the workplace.
Those high-income millennials may have a neutral or positive attitude about annuities, and they may not be all that concerned about an advisor’s fees.
The Insured Retirement Institute (IRI) has published figures supporting those interpretations in a summary of results from a new survey of millennials.
Resources
- Links to the IRI survey report and related materials are available here.
IRI is a group for organizations with an interest in annuities and other insured sources of retirement income.
The Survey
IRI hired an outside survey firm to conduct an online survey.
IRI has defined the term “millennial” to include U.S. adults ages 24 through 41. When IRI breaks the results out by income, the category for people in households earning $150,000 or more per year is the highest income category.
The sample included 802 people.
“Trusted Sources When Looking for a Financial Advisor”
About 33% of all millennials in the sample said their parents were their top source of advice about financial advisors.
Roughly one-quarter of the millennials would talk to their friends, and roughly one-quarter would look at online ratings.
Just 10% said they would consider recommendations from their employees.
Only about 30% of the highest-income millennials said they would get advice about advisors from their parents. The highest-income millennials had less interest in their parents’ recommendations than millennials in any other income category.
