Millennials Are Finally Building Wealth and Hiring Financial Advisers

Millennials are self-centered and allergic to commitment. They switch jobs every six months and will never buy homes. And don’t get them started on marriage and kids.

So go the cliches about the generation whose oldest members were born in the early 1980s. But as more and more millennials enter their 40s, they’re proving that they’re not so different from the generations before them: Raising families, buying homes, moving up in their careers and building wealth.

The average millennial net worth has increased 23% each year since 2016, topping $278,000 in 2021, according to research firm Cerulli Associates. While that’s significantly lower than Gen X’s $978,964, millennials saw the highest growth rate of any generation.

As a result of their rising wealth, many millennials are seeking out a financial adviser for the first time.

Finding a trusted adviser can be daunting if you’ve never done it before. Here’s a guide to what kind of planner may be a good fit, how to vet them and what it will cost:

Get started: A good place to start looking is on the websites of planner networks including the National Association of Personal Financial Advisors, the Financial Planning Association, the Garrett Planning Network and the XY Planning Network. You may be able to search by specialty, whether it’s working with the LGBTQ community, expatriates or first-generation Americans, or by area of expertise, such as taxes, insurance, divorce and stock options.