And here is the data (from Pitchbook and the FT): Baby boomers have fueled the growth of a $71tn asset management industry over the past 30yrs. VC's and other investors have poured $11.4bn into asset management businesses they believe will prove popular with millennials. Millennials hold only $1tn in wealth today, with just $250bn invested.
Research backs this up. According to a 2016 Legg Mason Global Asset Management survey, which polled more than 1,000 investors aged between 18 and 39, 85 per cent of UK-based millennials said they were comfortable with robo-advice, but only 37 per cent of investors aged 40 to 75 trusted online advice. In response to changing demands, a host of robo-advisers such as Nutmeg in the UK, which raised £43m in funding last year, and Betterment, the world’s largest independent robo-adviser, with more than $5bn in assets under management, have been launched.