Young investors are going digital. Financial advisors need to adapt with them

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kate_sept2004 | E+ | Getty ImagesYoung investors are more likely than older generations to seek out financial help from a computer than a human. In addition, the Covid-19 recession has led to more interest among younger people in getting financial advice.Financial advisors should take note. Millennials, a group spanning their mid-20s to late 30s, and the younger Generation Z, will occupy a bigger share of the financial advice market as their corporate and business careers develop.Some big names in the finance industry have already started responding.More from FA Playbook:How workplace benefits reflect the new reality of Covid-19Op-ed: How the widening wealth gap became color-blind2020 may tempt people to throw out their long-term plansVanguard, for example, which manages more than $6 trillion, debuted a digital-only financial advice service this year geared toward a younger clientele.Why digital?Two-thirds of investors who sign up for the service, Vanguard Digital Advisor, are either millennials or Gen Z. The average client is 37 years old.By comparison, an average user of the money manager’s hybrid offering, Personal Advisor Services, which offers both human and digital advice, is 57.”We’re seeing the millennial population gravitate to that digital offering,” said Brian Concannon, head …

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