The U.S. high-net-worth (HNW) population stood at 6.6 million in 2020 and is projected to exceed 8.8 million by the end of 2025.1 Much of this wealth is spreading across generations, with millennials playing a larger role than many advisors realize. As inheritances, entrepreneurial success, and business ownership accelerate, millennials are emerging as a critical segment of today and tomorrow’s wealth market.
For advisors, this presents a timely opportunity: those who understand what makes HNW millennials unique will be well positioned to attract and retain a new generation of long-term clients.
Understanding high-net-worth millennials
Millennials, born between 1981 and 1996, are quietly becoming one of the wealthiest generations in history. Their unique combination of behaviors and mindsets makes them distinct from prior generations of HNW clients. Most are active savers and acutely aware of debt, particularly student debt.
Millennial behaviors:
Millennial millionaires value transparency, facts, and on-demand information, and they expect collaboration rather than top-down advice. Many embrace real estate, side hustles, and entrepreneurial ventures as part of their wealth journey. Tech-savvy and accustomed to real-time access to services, they look for advisors who can deliver the same immediacy and seamless experience they already enjoy in other aspects of their lives.3
Why millennials present a prime business opportunity
Over the next decade or so, millennials are entering their peak wealth-building years through investments, inheritance, and business ownership. Yet, many remain underserved, struggling to find advisors who align with their expectations.
Millennial millionaires are not looking for transactional relationships; they expect holistic, technology-enabled partnerships. Specifically, they want:
- Comprehensive coverage of all aspects of their financial lives
- Real-time, collaborative planning powered by digital tools
- Advisors who act as partners, not gatekeepers
- Clear value that justifies working with a professional over a DIY approach
- A goals-based planning process that allows them to measure progress, celebrate milestones, and stay accountable
The potential rewards are significant. Advisors who build trust early with HNW millennials may retain those clients for decades, creating relationships that span major life milestones.
Millennials in action
Meet Alex4
Alex, a 39-year-old entrepreneur, recently sold a successful tech startup. He has diligently saved and invested but is now facing financial complexities beyond his ability to manage alone: debt from an early business loan, a growing investment portfolio, and goals that include a second home and philanthropic commitments. Alex has access to information but wants a collaborative partner who can help him integrate tax management, estate, and long-term growth strategies.
Clients like Alex represent an ideal opportunity: wealthy, disciplined, and eager for transparent, tech-enabled guidance that demonstrates an advisor’s value through goal setting, tracking, and achievement.
Meet Samantha and Jordan5
Samantha, a law firm partner, and Jordan, a healthcare administrator, are in their mid-30s and have built a net worth of nearly $3 million. While financially successful, they feel stretched thin balancing mortgage payments, childcare, and aggressive saving for both retirement and college. Their DIY approach has served them well, but they’re recognizing gaps. What they want most is an advisor who can simplify complexity, unify their goals, and collaborate with them in real time.
For advisors, couples like Samantha and Jordan show that even capable savers seek professional guidance when the stakes grow higher, and that goals-based planning can be the bridge between today’s challenges and tomorrow’s vision.
Position yourself to win with millennials
To capture the “millennial opportunity,” advisors must adapt their approach. That means:
- Prioritize a goals-based planning process that resonates with millennials’ desire to track progress, measure outcomes, and stay accountable.
- Deliver holistic value beyond investing to meet HNW needs, like integrating tax planning, estate planning, and lifestyle goals
- Lead with authenticity, integrity, and transparency
- Use technology to enable collaboration and personalization
- Engage where millennials consume information, including social media, podcasts, and relevant local events
Millennials are not just tomorrow’s clients; they are today’s opportunity. And because they are inherently goal-oriented, they are ideal candidates for a goals-based planning approach.
Advisors who adapt now—leading with transparency, technology, and holistic strategies tied to client goals—will secure relationships with a generation poised to define the future of wealth.
Position your practice to understand, attract, and retain high-net-worth millennials today with Envestnet Private Wealth.
