Wealthy millennials are financially ambitious and will take a hands-on role in managing their family’s wealth, according to a report by New York-based Oppenhemier Funds in cooperation with Campden Research.
The report, “Coming of Age,” studies the investing identities of the next generation of North American heirs and millennial wealth creators born between 1980 and 1995.
Affluent millennials are “hungry for deals” and plan to make “big changes” within their families’ portfolios, according to Oppenheimer.
Ultra-high-net-worth millennials are largely unhappy with their families’ current financial objectives—only 21 percent are fully satisfied with their family’s financial goals, the report says.
Yet only 29 percent planned to change their family’s long-term investment objectives.
Most wealthy millennials, 74 percent, are already trained and knowledgeable about their family’s portfolio and are beginning to take measured risks within their own individual investment strategies, the report says.
These ultra-high-net-worth millennials are highly likely to seek professional financial advice: 71 percent consult an advisor before making investment decisions.
Millennials are also more likely to incorporate environmental, social and governance (ESG) standards to their families’ portfolios, with 33 percent, saying they would incorporate ESG into their family wealth.
Another 33 percent of the millennials surveyed said they would invest in less liquid assets like hedge funds and private equity.
“UHNW millennials are increasingly taking calculated risks with their investments while considering the potential long-term implications of these decisions,” said Ned Dane, head of OppenheimerFunds’ private client group, in a released statement. “Advisors can leverage actionable insights like these to encourage multigenerational family dialogues that incorporate evolving millennial viewpoints."
Campden Research surveyed 32 millennials with family net worth ranging from $35 million to $1 billion via an online quantitative survey in October and November.
