Gen Y Investor Insights: Millennial Millionaires in the Making

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1 Gen Y Investor Insights: Millennial Millionaires in the Making Exploring the Mindset of Millennials With High Net Worth and Those With High Potential For Future Wealth January 2015

2 Generation Y, also known as the Millennials, has typically been painted with a broad brush. TD Ameritrade research finds there are distinct differences within this group, depending on current wealth and level of income. Mass Affluent Millennials have very specific goals in mind when it comes to their financial planning. The best approach to connecting with this group is likely identifying their needs and being responsive. Potential High Net Worth Millennials have some investable assets but high incomes. They may represent the most promising target group for RIAs, because they re mostly overlooked by financial firms and may be looking an advisor to help them reach their goals. High Net Worth Millennials can be influenced by advisors, but they rely more on the attitudes and behaviors that made their parents successful. This group typically has an advisor and isn t looking to switch.

3 The Mass Affluent Millennial group is defined as those respondents: Between the ages of 18 and 39* Have investable assets between $25,000 and $500,000 And an annual household income between $50,000 and $149,999. The Potential High Net Worth Millennial group is defined as those respondents: Between the ages of 18 and 39 Have investable assets between $25,000 and $500,000 And an annual household income of $150,000 or more. The High Net Worth Millennial group is defined as those respondents: Between the ages of 18 and 39 And have more than $500,000 worth of investable assets. * The Millennial generation is typically defined as those Americans born between 1980 and This survey included investors born as early as 1975.

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5 Millennials invest in a wide variety of assets. Wealthy millennials are also more likely to have managed accounts, options, foreign stocks and privately owned businesses Stocks Mutual funds Brokerage / Trading account Certificates of Deposit Bonds Real Estate (excl. residence) ETFs Managed portfolios High Net Worth Millennial Potential HNW Millennials Mass Affluent Millennials All respondents Annuities Options Foreign stocks Privately owned business Q. What types of investments do you own?

6 The vast majority of Millennials are out of their parents house and living with a spouse or domestic partner Living with Spouse / Partner 64% 72% 61% 68% Single, living alone 8% 12% 15% 29% Single, living with family 6% 11% 15% 2 Other Single, living with friends 2% 3% 2% 3% 2% 3% 2% 2% High Net Worth Millennial Potential HNWM Mass Affluent Millennials All Respondents Q. What is your living situation? * Numbers may not add up to 10 due to rounding

7 Millennials are predominantly validators : They may want an advisor to help manage their finances, but they expect to play a significant role making decisions 66% High Net Worth Millennial 21% 13% 52% Potential HNWM 33% 15% 58% Mass Affluent Millennials 23% 19% All Respondents 19% 28% 53% Validator Soloist Delegator Q. Investor type based on questions about how respondents gather data and make investment decisions

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9 High Net Worth Millennials by a wide margin use an advisor, more than other generations. Potential High Net Worth Millennials represent an untapped market for advisors. 4 33% Yes 35% 6 67% No 65% Yes 53% 47% 59% 41% 52% 48% No Q19 Do you use a professional financial advisor?

10 Mass Affluent Millennial Potential HNWM High Net Worth More likely to seek a different advisor More likely to choose their own advisor Tend to use their family s advisor and have no plans on changing Using the same financial advisor my family has always used and will stick with that advisor Using the same financial advisors that my family has always used and I plan on switching Using a different financial advisor than my family used None of these Q25. Which of the following best applies to you? * Numbers may not equal 10 due to rounding

11 Potentials and Mass Affluents prefer advisors who are older. More High Net Worth Millennials want to work with someone their own age Total Mass Affluent Millennials Potential High Net Worth Millennial High Net Worth Millennial Gen X Boomers Q29 When it comes to the age of your advisor, would you prefer? Someone your own age Someone older than you Someone younger No preference

12 High Net Worth Millennials judge their advisor s value across many factors, including breadth of investment options. Mass Affluents want strong returns and access. Total Mass Affluents Potential HNW High Net Worth Boomers Investment returns 29% 36% 36% 24% 26% Easily accessible 22% 28% 2 21% 25% Breadth of investment options 17% 13% 12% 18% 19% Works for large, well known company 14% 11% 14% 15% 15% High touch service 6% 2% 8% 8% 3% Famous / well known in the area 5% 4% 5% 11% Other 6% 6% 6% 2% 13%

13 High Net Worth Millennials favor a range of methods for communicating with their advisor. Potentials and Mass Affluents prefer or telephone. Total Mass Affluents Potential HNW High Net Worth Boomers 69% 74% 79% 69% 61% Phone 67% 66% 59% 67% 78% In person 51% 42% 44% 55% 54% Mail 22% 19% 12% 34% 14% Facebook 14% 8% 37% Twitter 1 2% 28% Blog/ Newsletter 8% 3% 21%

14 Potential high net worth Milllennials prefer to be connected with an advisor through referrals. Wealthy Milllennials will make first contact through a variety of methods. Total Mass Affluents Potential HNW High Net Worth Boomers Referral by friend or colleague 36% 49% 44% 23% 45% Referral from parents or grandparents 21% 36% 2 24% 1 Investment conference / Seminar 7% 2% 6% 11% 5% Cold Call 5% 6% 6% 4% Advertisement 4% 6% 5% 1% Social Media 3% 8% Quoted / Featured in news article 3% 3% 7% 1% Read article or blog by the advisor 2% 2% 3% TV or radio show 2% 6% Community event 2% 2% 2% 2% 1% Other 16% 11% 12% 5% 33%

15 Mass Affluent and Potential HNW Millennials want advisors to be accessible and return calls quickly. High Net Worth Milllennials seek more access and across more channels. Total Mass Affluents Potential HNW High Net Worth Boomers Returns phone calls that day 85% 87% 8 89% 85% Easily accessible by 85% 89% 82% 87% 84% Returns phone calls immediately 67% 49% 62% 76% 64% Rely on advisor for all investment decisions 49% 43% 41% 66% 45% Make own decisions, with advisor assistance 46% 32% 45% 61% 34% Seek out advisors for special situation 38% 32% 38% 61% 16% Accessible by Facebook, LinkedIn, Twitter 25% 11% 17% 54% 4% Not interested in working with an advisor 22% 6% 2 47% 8% Q29b To what extent do you agree or disagree with the following?

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17 High Net Worth Millennials define financial success as leaving money to heirs and overall net worth. Other Millennials are focused on a comfortable retirement Saving for education or retirement Not having to depend on a job for income Being debt free Being able to indulge in luxury items Paying bills on time Leaving a substantial positive net worth Leaving money to my heirs High Net Worth Millennial Potential HNWM Mass Affluent Millennial Q2. Which one of the following statements is closest to your definition of financial success?

18 Not-yet-wealthy Millennials are more optimistic than their Already-Wealthy peers Mass Affluent Millennial High Net Worth Millennial I am far behind where I want to be and unlikely to achieve financial success I am working at becoming financially successful but may not succeed I am on my way to reaching financial success I am already there Don't know/ not sure Potential High Net Worth Millennial Q20. Which of the following best describes where you are on the path to your financial success?

19 All Millennials cite smart investments and hard work as keys to acquiring wealth. Mass Affluents and Potentials also see being frugal as top factors, while High Net Worth Milllennials cite family connections and owning a business Mass Affluent Millennial Potential HNW High Net Worth Millennial Making smart investments 68% 66% 55% Hard work 67% 69% 53% Being frugal 52% 38% 28% Education 38% 42% 33% Luck 17% 17% 17% Good timing 14% 22% 2 Good financial advisor 14% 15% 24% Receiving an inheritance 12% 7% 2 Family connections 1 13% 24% Owning my own business 6% 1 23% Q30. What are the 3 biggest contributing factors to achieving wealth?

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21 Projected Wealth Needed for a Comfortable Retirement (on average) Mass Affluent Millennial Potential HNW Millennial High Net Worth Millennial Mass Affluent Millennial Potential HNWM $2.92 million $4.97 million $4.58 million High Net Worth Millennial 28 *60.8 *60.1 * I plan on fully retiring when I'm Do not want to retire, do not have need to *Mean Planned Retirement Age Want to retire, have needs that prevent me from doing so Unsure Q12. At what age do you plan to fully retire?

22 While the biggest concern for Mass Affluent Millennials is outliving their savings, there is also apprehension about having to work longer to supplement income and health care expenses. 58% 54% 49% 26% 44% 27% 18% 14% 14% 13% 1 6% 1% 3% 1% Outliving your Savings Having to work longer to supplement income Coping with healthcare expenses The expense of caring for an elderly parent or relative Relying on children or family for financial support Not being able to leave an inheritance Having to move to an area with a lower cost of living I am not concerned about any of these things All Concerns Biggest Concern

23 Potentials mention outliving their savings as their top tier concern overall, while other issues are secondary. 55% 41% 39% 29% 41% 22% 19% 16% 14% 11% 12% 1 8% 6% 2% Outliving your Savings Having to work longer to supplement income Coping with healthcare expenses The expense of caring for an elderly parent or relative Relying on children or family for financial support Not being able to leave an inheritance Having to move to an area with a lower cost of living I am not concerned about any of these things All Concerns Biggest Concern

24 High Net Worth Millennials have lower levels of retirement concerns, overall, but caring for an elderly parent is rated higher than among other millennials. 5 44% 36% 38% 3 29% 24% 21% 28% 17% 13% 18% 8% 7% 9% Outliving your Savings Coping with healthcare expenses Having to work longer to supplement income The expense of caring for an elderly relative Having to move to area with lower living costs Relying on children/family for support Not being able to leave an inheritance to heirs I am not concerned about any of these things All Concerns Biggest Concern

25 Reducing personal debt is a major concern among Mass Affluent and Potential High Net Worth Millennials, but not so for High Net Worth Millennials. Saving for retirement is the only top concern ranked high by all three groups. 1 Generating enough income from my investments to live comfortably during retirement 25% 2 Saving for retirement 21% 3 Managing income and expenses to live within my means 18% 3 Reducing personal debt 18% 1 Saving for retirement 21% 2 Generating enough income from my investments to live comfortably during retirement 16% 3 Reducing personal debt 14% 1 Managing income and expenses to live within my means 17% 2 Saving for retirement 15% 3 Developing a financial plan or budget 12% Q2. Please rank the top three financial goals that are most important to you at this stage in your life?

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27 Top Factors For Attaining Wealth Making smart investments 25% Hard work 25% Education 17% Being frugal 14% Receiving an inheritance 8% Gather information about financial decisions on social media (LinkedIn, Twitter, etc.) Gather information about financial decisions on a financial app 36% were referred to their advisor by their parents or grandparents More likely to receive financial advice from family and friends than any other group Top 3 Concerns Outliving your savings 58% Having to work longer to supplement income Coping with healthcare expenses 54% 49% 5 were 10 years or younger when they had their first discussion with their parents about saving money 14% of Mass Affluent Millennials are expecting to receive an inheritance of $100,000 or more Interesting Demographics Single 35% Post-Graduate Degree 49% Caucasian 79% Female 73% Trading done with a broker 29%

28 Top Factors for Attaining Wealth Hard work 28% Making smart investments 25% Education 15% Being frugal 12% Good timing 6% Gather information about financial decisions on social media (LinkedIn, Twitter, etc.) Information via Technology Gather information about financial decisions on a financial app Stock analysts and company websites are equally important to this group when receiving advice Top Concerns Outliving your savings 55% Having to work longer to supplement income Coping with healthcare expenses 41% 39% 26% were between 11 and 15 when they had their first discussion with their parents about saving money 44% were referred to their advisor by friends or colleagues 19% of Potential HNWMs are expecting to receive an inheritance of $100,000 or more Interesting Demographics Single 24% Post-Graduate Degree 46% Asian 16% Female 62% Trading done with a broker 22%

29 Top Factors For Attaining Wealth Hard work 21% Making smart investments 19% Education 14% Being frugal 1 Family connections provide opportunity I wouldn t have otherwise 8% Gather information about financial decisions on social media (LinkedIn, Twitter, etc.) Seek Information via Technology Gather information about financial decisions on a financial app 1 met their advisor at a conference or seminar Significantly higher chance they will read full company financial statements than their cohorts Top Concerns Outliving your savings 5 Coping with healthcare expenses The expense of caring for an elderly parent or relative 44% 38% 17% were 16 years or older when they had their first discussion with their parents about saving money 39% of HNWMs are expecting to receive an inheritance of $100,000 or more Interesting Demographics Single 27% Post-Graduate Degree 52% Hispanic 11% Male 53% Trading done with a broker 34%

30 Results of the Millionaires in the Making Study are based on a survey conducted by The Pert Group on behalf of TD Ameritrade, Inc. Five hundred thirty-six investors between the ages of 18 and 39 ( Millennials ) participated in a telephone survey from January 15 February 28, 2014, where they were asked to share their views on attitudinal, behavioral and usage patterns of brands in the financial services industry. An additional 273 investors aged 40 years and older were surveyed for comparative purposes. Baby Boomers are those born from 1945 to 1964, while Generation X is defined as those Americans born from 1965 to The margin of error in this survey is ±5%. This means that in just over one case out of 20, survey results based on the 809 total respondents will differ by no more than 5 percentage points in either direction from what would be obtained by seeking the opinions of all investors within an age group. The Pert Group and TD Ameritrade, Inc. are separate, unaffiliated companies and are not responsible for each other's products and services.

31 TD Ameritrade Institutional TD Ameritrade Institutional is a leading provider of comprehensive brokerage and custody services to more than 4,500 fee-based, independent registered investment advisors and their clients. Our advanced technology platform, coupled with personal support from our dedicated service teams, allows investment advisors to run their practices more efficiently and effectively while optimizing time with clients. TD Ameritrade Institutional is a division of TD Ameritrade, Inc., a brokerage subsidiary of TD Ameritrade Holding Corporation. TD Ameritrade Holding Corporation Millions of investors and independent registered investment advisors turn to TD Ameritrade s (NYSE: AMTD) technology, people and education resources to help make investing and trading easier. Online or over the phone. In a branch or with an independent RIA. First-timer or sophisticated trader. Our clients want to take control, and we help them decide how - bringing Wall Street to Main Street for more than 39 years. An official sponsor of the 2014 and 2016 U.S. Olympic and Paralympic Teams, as well as an official sponsor of the National Football League for the 2014, 2015 and 2016 seasons, TD Ameritrade has time and again been recognized as a leader in investment services. Visit TD Ameritrade's newsroom on for more information. Brokerage services provided by TD Ameritrade, Inc., member FINRA /SIPC

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