RIAs Tell TD Ameritrade That 41% of Incoming Clients Will Be Gen X and Millennials by 2023

TD Ameritrade press release ------- Baby boomer assets are the current wealth management sweet spot, but a growing segment of independent registered investment advisors (RIAs) recognizes that embedding Gen-Xers and millennials as long-term clients requires a shift in business strategy now. According to new findings from the TD Ameritrade Institutional 2018 RIA Sentiment Survey, 42 percent of RIAs say they are working on changing their marketing and networking to attract younger clients. RIAs say that in five years from now, the demographic composition of their clients will start to change dramatically. Baby boomers, who today make up 46% of RIA clients on average, are expected to drop slightly to an average of 43% of clients. Gen Xers and millennials are expected to jump up significantly, averaging 27% and 14% of all clients, respectively, up from just 21% and 9% today. Seniors are expected to fall from 23% to 14% of clients. To learn more click on the picture below to read the release.