NEW YORK (7/9/14)--While the digital age and social networking have raised the value of peer endorsements, experience still counts with younger generations when it comes to investing, according to one focus group.
And--surprise!--digitally savvy Gens X and Y would rather meet face to face with an adviser than seek investment counsel online (ThinkAdvisor June 27).
Young investors value experience, a group of Gen X and Y investors told financial advisers at a recent Securities America conference. Several members of the group work with their parents' advisers and were not likely to work with an inexperienced adviser without much time or experience in the game, said Janine Wertheim, Securities America Advisors president.
During the conference session, a group of young investors listened to recordings of advisers describing what they do for clients. The young investors provided their immediate reactions to the advisers' thoughts.
The group of Gen X and Gen Y investors was diverse, and included married and single participants, and couples with and without children. Some had already worked with advisers. Others had invested on their own.
Young investors were most impressed with advisers who were interested in getting to know their clients and their unique circumstances, Wertheim said.
Among the topics they are most like to seek advice on is real estate, and whether they are better off renting, buying or investing.