With more than 4 million Baby Boomers reaching age 65 each year and an equal number of Millennials turning 35 each year, advisers must understand the needs of younger generations that are entering more financially complex circumstances, according to a recent Equitable study, “PEAK 35: Guiding a New Generation of Wealth.”
Equitable’s report suggested that advisers should shift from a Boomer-centric model toward one that aligns with Millennials’ expectations. As the largest generation in the workforce, Millennials are poised to inherit assets as part of the “Great Wealth Transfer,” which is expected to shift $30 trillion to $140 trillion in assets to younger generations from Baby Boomers by 2045.
As a part of this wealth transfer, almost 70% of Millennials expect to inherit assets from their families. Expected assets include cash (71%), valuables (51%), real estate (46%) and financial assets (41%), according to the study. The inheritance of these diverse asset types means guidance for Millennials must also be adaptable.
Almost 70% of surveyed Millennials said they prioritized working with an adviser over solely using digital tool. However, while 41% of Millennial respondents preferred a hybrid approach of both technology and human advice, only 27% preferred working with just a human adviser.
One core area in which Equitable predicted advisers will become increasingly important is in building Millennials’ financial confidence. According to the study, about 80% of Millennials feel confident about how they are currently handling financial decisions, but only 27% said they feel confident once their finances become complex.
Similarly, college students are reporting increasing concerns about their finances.
In the Certified Financial Planner Board of Standards Inc.’s “Dollars and Senses” report, 83% of surveyed college students agreed that financial stability is important for their life satisfaction and well-being, and two-thirds of respondents expressed a desire for personal finance education.
Many college students see finances as their first steps toward adulthood, with students viewing money as a way to gain independence (61%), achieve long-term goals (60%) and realize greater security and stability (58%).
Confidence in college students also remained high, with 64% of students expressing confidence in managing their finances and primarily trusting family (cited by 58%) and financial planners (55%) for advice.
College students’ confidence, however, does not take away the need for guidance: 65% of respondents said they wanted to learn about personal financial topics, especially as they begin to enter the workforce. Upon graduation, 56% of respondents expected a need for investment advice, and 50% expected to need budgeting and saving strategies, according to the CFP report.
As Millennials prepare to inherit assets, those who spoke with Equitable said they saw an opportunity for plan advisers to step in. Notably, the study highlighted that 68% of Millennials have already discussed future inheritance planning with their parents, and two-thirds of those families work with a financial adviser. Of responding Millennials, 87% said their family’s relationship with a financial adviser was a key factor in deciding whether to continue working with that adviser.
As for the surveyed college students, while 55% said they trusted advice from financial planners, only 20% said they were currently receiving guidance from them.
Most college students (64%) indicated a lack of knowledge on where to find an appropriate financial planning professional, and 56% said they would not know what questions to ask. At least 40% of respondents expressed concerns about being judged by a financial professional for their financial decisions.
Equitable’s study, conducted by an independent survey panel provider, included 500 U.S. adults born between 1981 and 1996 and was fielded online between June 26 and July 7, 2025.
The CFP Board collaborated with College Pulse to conduct its survey of undergraduate college students across the U.S., receiving responses from 2,025 college students in September and October 2025.