The article highlights the disconnect between financial advisors, primarily from older generations, and Gen Z investors, who increasingly rely on social media for investment guidance. With over a third of Gen Z influenced by social media personalities, advisors are urged to modernize their communication methods. Economic challenges are exacerbating feelings of financial nihilism among younger investors, many of whom do not save for retirement. To bridge the gap, advisors are encouraged to take a personal approach to build trust and engage effectively with Gen Z clients.
Meeting digital natives where they're at isn't always easy. But with more than a third of Gen Z investors citing influencers as a "major factor" in their decision to buy.
Nearly half of Gen Z uses social media as a primary source of investing information, compared with 42% of Millennials and 26% of Gen X.
[Social media is] where younger people are ... older advisors ... prefer to do everything the old-fashioned way ... that doesn't work with younger people.
Gen Z is also twice as likely as the general population to say they don't know where to find an advisor, despite being 13 percentage points more likely to want one.
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