The Millennial Mindset:

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1 : Attracting the Next Generation Nathan Harness, Ph.D., CFP Texas A&M University Delaware Investments, a member of Macquarie Group, refers to Delaware Management Holdings, Inc. and its subsidiaries, including the Funds distributor, Delaware Distributors, L.P. Neither Delaware Investments nor its affiliates noted in this document are authorized deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of Macquarie Bank Limited (MBL). MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise. PRE-MILLENNIALS 1215 (15657) 2016 Delaware Management Holdings, Inc. Millennials: Who are they? Born early 1980s to early 2000s 1/3 rd of the U.S. population (projected to overtake Boomers this year) Most educated generation in history (61% attending college) 42% are non-white Source: Neilsen and The White House Council of Economic Advisors, 2014 September 5,

2 Millennials: Who are they? 15% were born in a foreign country (largest since 1920) 36% are homeowners (lowest level for <35 age since started recording) 30% live at home (compared to 22% in 1980) Much less likely to marry as compared to prior cohorts Source: Census Bureau and The White House Council of Economic Advisors, 2014 September 5, The millennial mindset Impact of political and economic events Source: S&P Please refer to the last slide for important disclosures and information. 2

3 The millennial mindset Employment instability U.S. 10-year unemployment rate to 24 years: 1,501, to 35 years: 1,905, Source: U.S. Bureau of Labor Statistics, Y axis in thousands September 5, Please refer to the last slide for important disclosures and information. Impact of technology September 5,

4 Anything is possible September 5, Perception is important September 5,

5 So what has this created? September 5, Understanding millennials Question - How many phone numbers can you remember? They are excellent at researching data because that is the world they grew up in. September 5,

6 The millennial mindset Understanding millennials Values and purpose Family-oriented i o Choose to live close to home or at home o 30% live at home (compared to 22% in 1980) Value work-life balance o Much less likely to marry as compared to prior cohorts More inclined to purchase experiences over assets o 36% are homeowners (lowest level for <35 age since started recording) Source: Census Bureau and The White House Council of Economic Advisors, 2014 September 5, Please refer to the last slide for important disclosures and information. Source: Pew Research Center, General Social Survey data, September 5,

7 The millennial mindset Whom do they trust for advice? Source: UBS Investor Watch, Think You Know the Next Generation Of Investors? Think Again., 2014 September 5, Moneyllennial 7

8 Millennial investment breakdown 60% 50% 40% 52% 46% 30% 20% 23% 28% 10% 0% Cash Millennials Non-Millennials Stocks Source: UBS Wealth Management, 2014 September 5, Delaware Investments, a member of Macquarie Group, refers to Delaware Management Holdings, Inc. and its subsidiaries, including the Funds distributor, Delaware Distributors, L.P. Neither Delaware Investments nor its affiliates noted in this document are authorized deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of Macquarie Bank Limited (MBL). MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise. PRE-MILLENNIALS 1215 (15657) 2016 Delaware Management Holdings, Inc. 8

9 Risk aversion Preference for financial guarantees Fear around Social Security stability Likely to support aging parent Led to earlier savings Average Age Began Saving Millennials 22 Gen X 27 Baby Boomers 35 Source: U.S. Chamber of Commerce Foundation, 2012 and Transamerican Center for Retirement Studies, 2014 Why do you care? Millennials currently represent a little over 1/3 rd of the U.S. workforce. By 2025 they will represent 44% of the workforce. 15% of those with net worth in excess of $2 million Estimated $30 to 40 million transferring to next generation 14.9 million millennials US U.S. households h have annual incomes exceeding $100,000 Almost 1 in 3 entrepreneurs are between the ages of 20 and 35 Source: Department of Labor Source: Ipsos Mendelsohn Affluent Survey, 2014 Source: Annual Survey of Affluence and Wealth in America, American Express Publishing and Harrison Group,

10 Current clients 10yrs Average client is10yrs older than average Financial Advisor Average age of clients is rising by six to seven months a year, faster than the overall population of North America. Aging clients means less savings, more consumption, and reduced AUM 70+ Almost 1/4 th of clients are age 70 or older and hold approximately 25% of firm assets. Source: The State of Retail Wealth Management, PriceMetrix, 2015 Source: Want to Foster Growth? Study Client Demographics, FinancialPlanning, 2016 What can you do? Start with your current clients Attach your brand to something they are excited about. 10

11 Importance of advice Multiple offerings--value e proposition is evolving beyond product to include investment management and holistic planning Education and co-creation Environment 64% Nearly two-thirds of Millionaire Millennials enjoy investing and would not want to give it up 55% of Gen Xers, and just over half of Baby Boomers and members of the World War II generation respond similarly. Planning around technology Source: The State of Retail Wealth Management, PriceMetrix, 2015 Embrace Technology Millennials are more likely than other generations to become critical circles of influence. Easy access Website o Mobile friendly Social Media Interactive content 11

12 Innovative interaction Millennials love innovative ideas that allow shared learning, social interaction, and on-demand information. All third-party marks are property of their respective owners. This is not an endorsement of any online investing service. Delaware Investments does not have a relationship with any online investing service. Communicate Allow for informal communication channels Let your website answer questions Texting/FaceTime/WebEx Be a teacher rather than a preacher 85% of clients willing to use technologyenables media 43% of advisors felt same way Millennial clients don t want to be talked down to or treated like children Statistics aren t likely to create action Use emotive stories and visual narratives 12

13 Focus On The Now Intertemporal choice give now focused actions to solve future problems. Spend time assessing where they are rather than exclusively focusing on the future Segmented planning is likely needed Cash flow management Investment t management Employee benefits Goal development Budgeting Service models Offload transactional processes to the client Allow client to enter themselves into your CRM Co-creation of a plan Create brand interaction Biggest competition is the robo-advisor Leverage to aggregate, provide passive management Changes should benefit all generations, not just Millennials 13

14 Service model Hire a Millennial Match a junior advisor with a senior to grow current business Together create a marketing plan for the next generation o Invest lower cost asset in long-term Millennial relationship We understand diversification, but oftentimes don t follow that model with our human capital. Create internal succession and higher business valuation with stratified book of business Young advisor adds growth There is value in adding nextgen Advisors to a team 25% 20% Median Asset Growth Median Revenue Growth 15% 10% 5% 0% Advisor Age Source: The Fountain of Growth: Demographics and Wealth Management, PriceMetrix, February

15 Young advisor adds synergy Firms that employed a nextgen advisor grew by almost double the rate of firms that did not between 2012 and 2014 Having at least one nextgen advisor on your team causes higher income per owner Source: The Rise of the NextGen Adviser, TD Ameritrade Institutional, 2015 Business model Teams Based Approach Of Succession Plan Finding Binding Grinding Prospecting and leveraging external relationships Managing onboarding of clients and helping to follow through/close business Plan writing, managing business development initiatives, ongoing g services Source: Adapted from The New Challenge for the Next Generation of Financial Planners, ThinkAdvisor,

16 Undergraduate programs Graduate programs 16

17 Graduate programs Financial planning students have courses in: Fundamental of Financial Planning Investment Planning Tax Planning Retirement Planning Estate Planning Life Insurance Planning Plan Presentation and Design Sales and Marketing Entrepreneurship Philanthropy/Planned Giving Counseling Technology Partnership All third-party marks are property of their respective owners. This is not an endorsement of any vendor. Delaware Investments does not have a relationship with any vendor. 17

18 References 1. Millennials: Breaking the Myth, Neilsen myths.htmlhtml Economic Facts About Millennials, Whitehouse Council of Economic Advisor, CPS/HVS, Young Adults: Then and Now, Census Bureau, Unites States Youth Unemployment Rate , Trade Economics, Millennials Less Trusting of Others, Pew Research Center, Think You Know the Next Gen Investor? Think again. UBS, Better Money Habits Millennial Report, Bank of America/USA Today, References 9. Class of 2015 Has the Most Student Loan Debt In U.S. History, Market Watch, has-the-most-student-debt-in-us-history The Millennial Generation Research Review, U.S. Chamber of Commerce Foundation, Facts About Millennials Retirement Readiness and 7 Steps For Long-Term Success, Transamerican Center for Retirement Studies, Millennials: Confident. Connected. Open to Change., Pew Research Center, Next Generation Strategies for Advertising to Millennials, comscore, Releases/2012/1/comScore-Releases-Report-Next-Generation-Strategies-for-Advertising-to-Millennials 14 The New Challenge for the Next Generation of Financial Planners, ThinkAdvisor,

19 This presentation is for financial professional use only. Please consult your compliance departments before accessing any social media networks for a business purpose. The presentation is for illustrative purposes only and is not an endorsement of any app, service, or publicly traded company. This presentation is not a recommendation to buy or sell a particular security. The views expressed are those of Dr. Harness and do not necessarily reflect those of Delaware Investments or any of its employees. Dr. Harness agrees to hold Delaware Investments harmless from any claims of intellectual property rights infringement that may arise out of Delaware Investments use of the foregoing materials. Delaware Investments, a member of Macquarie Group, refers to Delaware Management Holdings, Inc. and its subsidiaries. Macquarie Group refers to Macquarie Group Limited and its subsidiaries and affiliates worldwide. Neither Delaware Investments nor its affiliates noted in this document are authorized deposit-taking institutions for the purposes p of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of Macquarie Bank Limited (MBL). MBL does not guarantee or otherwise provide assurance in the respect of the obligations of these entities, unless noted otherwise. Contact information Delaware Investments 2005 Market Street Philadelphia, PA Individual investors: Advisors: For more information about Delaware Investments visit delawareinvestments.com (15657) 12/

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