Most younger adults in the U.S. plan to work with a financial adviser after inheriting from a family member, according to a new survey by software provider FreeWill. The company surveyed Millennials and Gen Xers and found that 79% of respondents said they are likely to work with an adviser after inheriting, with 73% saying that will be one of the first things they do. Sixty-six percent are likely to use the same adviser as their parents or grandparents.
Sixty percent of respondents expected to receive an inheritance of at least $100,000 while 39% expected at least $250,000. When asked what they valued most in a financial adviser, 67% said getting the highest return on their portfolio while 64% said personalized attention. More than 70% preferred to work with a human adviser rather than an automated service.
