As 2025 gets into full swing, wealth management firms – like many other businesses – will evaluate how effectively they are meeting the evolving needs of a diverse client base. With investors in varying stages of their financial journeys, from searching for an advisor to maximizing their retirement savings, industry professionals who remain attuned to generational preferences will likely have the upper hand in earning trust and keeping their clients engaged.
To better understand these dynamics, we recently surveyed 1,000 investors about the attributes they seek when selecting a financial advisor and the types of interaction they value most. The survey results highlight key characteristics that investors across different generations – from millennials to boomers – covet in a financial advisor, ranging from communication styles to digital offerings.
Here’s a closer look at major survey insights:
Digital Communication Preferences Defy Boomer Stereotypes
Navigating generational communication expectations drives optimal client engagement.
Having come of age in a cyber world, millennials strongly favor digital engagement, with 73% regularly communicating with advisors through digital channels and 69% expressing a clear affinity for emails or video meetings. On the other hand, Gen X tends to take a more balanced approach, with 57% citing a desire for digital communication and approximately 65% noting they liked using online tools.
Boomers exhibited surprising flexibility: 43% cited a preference for digital communication with their advisor.
Boomers, though often unfairly maligned for their perceived resistance to change, exhibited surprising flexibility: 59% still appreciate phone calls and 58% favor in-person meetings, however approximately 53% expressed a willingness to communicate electronically, and 43% cited a preference for digital communication with their advisor.
The distinct preferences across generations show a clear need for advisors to offer options when communicating with investors. To meet these evolving demands, advisors should seek solutions that make it easy to share information via varied communication channels.
Personalization, Accuracy, Clarity And Top Investor Priorities
Notably, one desire is consistent across generations – increased personalization. Delivering clear and accurate information and earning trust drive strong advisor satisfaction for all investors.
According to the survey, 90% of investors, regardless of generational affiliation, would prefer a personalized investment proposal over a standardized one. Furthermore, when asked about what they want from their advisor in the future, “highly personalized advice that relates to my specific situation and goals” ranked as a top priority by 67% of millennials, 73% of Gen X and 80% of boomers.
Personalization must be balanced with credibility and strong communication, as the survey also identified that 73% of boomers, 66% of Gen X and 63% of millennials expect accurate and clearly defined financial performance assessments.
Investors across generations resoundingly indicated they valued working with an advisor they can trust.
Rounding out the survey, investors across generations resoundingly indicated they valued working with an advisor they can trust: 72% prioritized trust, even above investment performance.
Choosing An Advisor Is Largely Referral-Driven
The survey produced even more findings than we could put in the report, especially regarding referrals. Personal referrals, financial institutions and client reviews guide the advisor selection process, though the degree of reliance varies across generations.
Given that many millennials are seeking professional financial guidance for the first time, it’s not surprising that they often look to relatives when establishing an advisor relationship. The survey revealed that 28% acted on personal referrals, roughly 20% went with a financial institution referral and 20% turned to online research.
Gen X exhibited similar preferences but placed greater emphasis on personal referrals at 40%, with 17% relying on a bank or credit union suggestion and 7% being swayed by an internet rating. Interestingly, boomers also reported looking to personal referrals, with 38% pursuing that route, 12% trusting a financial institution referral and 5% turning to online discovery. Professional referrals also comprised 20% of boomer referrals.
Client satisfaction impacts retention and organic growth across all ages. Advisors should evaluate their current client relationships and consider where they can go the extra mile to increase their odds of getting referred when opportunities arise.
Statistics Don’t Lie
The survey results underscore a powerful opportunity for wealth managers to refine their approach by understanding generational insights and applying relevant changes. Advisors who recognize and respond to distinct preferences – whether it’s adopting digital tools for younger investors or providing increasingly personalized services – can create a more client-centric experience.
Incorporating key generational insights positions advisors to boost satisfaction and build loyalty across a diverse client base to attract the attention of emerging investors while fostering stronger client engagement across their existing book of business.
James Rockwood is the Founder and CEO of CapIntel, a proposal generation and client engagement platform.
