Personal finance: Financial Services for Millennials

This is a rather startling quote from a Forbes article

Given that Millennials are projected to inherit at least $41 trillion through mid-century, their financial behaviors have the potential to redefine financial services and transform how financial services companies interact with their customers,

this might not matter if millennials will act like their parents. But according to a recent report, they may not. The key difference appears to be a demand to take more control rather than sit back and let a financial manager make all the decisions.

This may or may not be a great approach to financial management. For example, if you have a sufficient asset base, plopping your nest egg into an index fund like Vanguard and letting it ride is not a bad option. But for better or worse, my guess is that a significant portion of millennials will reserve at least a portion of their nest egg for personal investing – whether in startups, buying assets, or just kickstarter campaigns. So social networks geared to helping these folks out are probably in a growth market.

Which ones are best?  I know of one off the top of my head – Motley Fool. I will be tracking this and other platforms here. Stay tuned!

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