“Cautious Consulters” and “Knowledgeable Xers” are the two groups wealthier Generation X in the report “Getting to Know Gen X and Millennial Investors” by ORC International and commissioned by Global X Management Company. The Cautious Consulters are the most likely of the four groups surveyed to rely on Registered Investment Advisors (RIAs) for investment advice and reaching their financial goals. They typically rely heavily on their RIAs and might require special attention while advisors are constructing their portfolios. They will also hesitate to make any changes once their initial portfolio has been determined.
The Knowledgeable Xers are also likely to utilize RIAs for investment advice and portfolio analysis, strategy and implementation as they are 45% less likely than the other three groups to use Robo-advisors or smartphone apps for financial advice. Their greater experience in investing and their higher net worth have made many in this group entrenched with their current brokers, who accommodate their preference of low management fees and making trades during the day.
This week we examine affluent Generation X members surveyed and reviewed for this report. Check out our new article on Thursday.