Financial Advisers Don’t Care About Millennials, and Vice Versa

The investment industry has an age discrimination problem, and millennials and Generation X are bearing the brunt of it. Only 30 percent of financial advisers are actively looking for clients under age 40, according to a survey of 500 advisers by the research firm Corporate Insight. Advisers prefer older clients for a simple reason: Most advisers get paid based on a percentage of the assets they manage. And typical households in their...

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Fight Looms Over New Adviser Rules

Major financial industry trade groups are offering a restrained response to a new Labor Department proposal designed to curb conflicts of interest in the financial advisory business serving retirees, even as proponents of the measure gird for a major battle. After years of preparation and behind-the-scenes lobbying, the department last week formally unveiled the language of the new rule that would require financial advisers to put...

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