Omnia Family Wealth in Nasdaq: How Millennials Can Secure Their Financial Future

The Silent Generation, baby boomers, Generation X and millennials in the U.S. currently hold roughly $156 trillion in assets. While this may seem like more than enough wealth to go around, it is not distributed evenly across all generations. Millennials are the hardest hit, having only about 6% of all U.S. wealth, while boomers hold 53%, Generation X has 28% and 13% is in the hands of the Silent Generation.

For insights into the financial future of millennials, Nasdaq spoke with Michael Wagner, co-founder and chief operating officer of Omnia Family Wealth.

Building a properly diversified portfolio is the first crucial step millennials need to take to help secure their financial future. However, it is not enough to set up a portfolio and forget it. As Wagner tells the publication, it is also important to remain aware of the current state of the market and adjust allocation strategies accordingly.

“It looks like millennials will be in a rising rate environment, which is a headwind on stocks,” says Wagner. “That’s not to say that we won’t be able to develop the same or more wealth than the boomers did, because hopefully, we’ll have a leg up in terms of intergenerational wealth transfers from the boomers, but we can’t count on the wind at our backs to push the sails of asset inflation. We’re going to have to put our heads down, build businesses, and take a more sophisticated approach to portfolio management.”

Click here to read the entire Nasdaq article.

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