What ‘The Street’ Thinks of The Great Wealth Transfer – How Millennial & GenZ Investors Really Plan to Invest, Work With Investment Professionals

In his influential article about The Great Wealth transfer, Mel Casey attempts to split the difference between how they – meaning older generations – see us and how we, the actual millennials set to inherit somewhere between $30 trillion and $68 trillion over the next decade, see them. It’s thoughtful and thorough, if a bit self-promotional, but it ultimately provides a much better guide for us than them. 

There is a list below of the most influential articles written about millennials starting with Bruce Tulgan’s “The Millennial Myth” that attempted to debunk years of reporting that claimed what seems to be the line (early on) about every generation new to the workplace that, we the millennials, are lazy, entitled and obviously don’t know our place which should obviously be at the bottom of the ladder.

Casey doesn’t do this, in fact, he seems agnostic on us as a generation except to offer the financial professionals of the world some ideas on how to engage with us on appealing investment strategies based on our preferences and values – ESG, value based investing and charitable giving strategies. 

Of course he also offers us some very practical advice about the use of trusts, pointing out that many of us will receive our inheritance in a relative lump sum shortly after losing a loved one. Rightly, this warning comes with a second warning about being humble enough to do our own planning, as we too are vulnerable and need to plan accordingly. All good advice to be sure. 

The final warning, also fully valid, points out that we must not count chickens before they hatch. Casey points out, “Baby boomers are expected to live 10 to 15 years longer, on average, than the Silent Generation before them, but these can be the most expensive years.” Furthermore, “Many baby boomers are expected to take a ‘carpe diem’ attitude toward their sunset years and get working on the many ‘bucket list’ items that have accumulated over the past 24 months.” 

In short, what if mom and dad are actually the irresponsible ones? 

Whether millennials wind up inheriting $30 trillion or $68 trillion will certainly affect how we should be planning. Whether we hold our values when confronted with our own financial security is something different, and whether more like-minded, value-based strategies become more profitable and desirable as they scale up into vogue, which actually seems to be Casey’s most interesting question. 

Whenever an article pops up about The Great Wealth Transfer, the point of view is almost always one of the following:

1. It’s a good thing that will help younger generations build wealth and reduce inequality (as if by magic).

2. It’s a bad thing, giving an unfair advantage to an already spoiled and entitled generation, while negatively impacting older generations who should live well indefinitely.

3. It’s inevitable as the population ages, essentially, we need to adapt or die. 

4. It can be managed via policies that can be implemented to mitigate the negative effects like increasing taxes on the wealthy, providing more financial assistance to younger generations, and investing in education and job training.

5. It’s a complex issue with no easy answers. Seems like a copout, and still it’s true. 

Important articles about millennials

Here is a quick list of the 5 most insightful, honest and influential articles about us: 

1. “The Millennial Myth" by Bruce Tulgan

Published in 2008, Tulgan challenges the common stereotypes about millennials, arguing that we are not lazy, entitled, or narcissistic. Instead, he argues that we are hardworking, ambitious, and socially conscious.

2. "Millennials and the Future of Work" by Richard Florida

This article was published in 2012 and it explores the impact of millennials on the workforce. Florida argues that millennials are more entrepreneurial and more likely to work in the creative economy than previous generations.

3. "The Millennial Mindset" by David Brooks

Published in 2014, Brooks examines the values and beliefs of millennials, claiming that we are more optimistic, open-minded, and socially conscious than previous generations

4. "The Millennial Generation" by Pew Research Center

This report was published in 2018, providing a comprehensive overview of millennials, and covering a wide range of topics like demographics, values, work habits, and our financial situation.

5. "The Power of the Millennial Consumer" by McKinsey & Company

This report was published in 2019 and it examines the spending habits of millennials. The report found that millennials are a powerful force in the economy and that we are driving growth in a number of industries.

Whatever lies ahead, millennials need to ready ourselves for a very real transfer of wealth. To learn more about Private Investments, including how to profit from the fast growth of the cannabis industry, fine art, venture capital and real estate, sign up for the NOYACK newsletter and consider joining the Noyack Investing Club (NICL), to be your guide to the private investment universe. We decode, uncover, explain, and support a community centered around building your optimal 30% allocation to private investments.