To meet related needs, wealth managers and financial advisers must prioritize new digital services like financial networks and help mainstream impact investing and other sustainability-related initiatives."
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Wall Street is waking up to a key demand of millennial investors
Millennials are more connected and aware of global issues than ever, which is changing the way they approach investing their wealth.
"Our wealthiest millennial clients are at the forefront of the trend towards digital networking and mobilizing investments for public good"
Sustainability is a key issue for millennials. Investors under the age of 35 are roughly twice as likely as other age cohorts to withdraw from investments that have sustainability problems, according to UBS.
And with millennials poised to inherit roughly $30 trillion from the baby-boomers, catering to the preferences of the younger generation will be key for
Financial Stability Board’s Task Force on Climate Change, and the Sustainability Accounting Standards Board that aim to educate and inform the public on the performance of companies' efforts to increase sustainability.
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Mark Haefele, Global CIO at UBS Wealth Management, wrote that this focus on impact investing "gives wealth managers and financial advisers a renewed opportunity to improve their digital capabilities as well as using private capital to help make the world a more sustainable place."
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