If Millennials are as terrible at saving as a new study suggests, Wall Street didn't get the memo.
The finance community is actively courting the Millennial generation in an effort win what it sees as a huge source of revenue in the years ahead.
Not only will they be dominating the workforce, but Millennials also stand to inherit $30 trillion from their baby boomer parents, according to Accenture.
Related: Millennials aren't saving a dime
That means financial advisory firms are adapting technology, investment philosophy, and personnel to meet their needs of those in their 20s and early 30s.
"This generation is different than any other generation that has come before," said Gregory Fleming, President of Morgan Stanley Wealth and Investment Management at SIFMA's annual meeting this week. "I'm raising a few of them so I know firsthand."
Here's what Wall Street believes Millennials want:
1. Finance at their finger tips: If there's one thing defines Millennials, it's their comfort with technology.
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Fleming claimed that while earlier generations of clients typically meet in-person with their financial advisor monthly or quarterly, Millennials want to meet every six months but manage their portfolios digitally in between then.
"They want to be able to email and text the financial advisor and talk to them on a real-time basis." he said. "We're investing in technology and continuing to invest in technology to be attractive to Millennials."
2. Investments that are environmentally sustainable: Unsurprisingly, the environment is a top priority for Millennials, and Wall Street has adapted by creating more products dedicated to investing in green companies.
But this isn't just some idealistic phase cooked up at liberal arts college.
"I don't think this generation is going to let this go," Fleming said of Millennials' environmental awareness. "This is something that's fundamental too them."
Related: Enough with Millennials. Here's what Gen X thinks
3. Conservative portfolios: For all their optimism, Millennials are actually pretty risk averse when it comes to investing.
"The earlier ones saw the Internet bubble pop, the later Millennials saw the credit crisis." Fleming noted. "They tend to be more conservative on stocks."
But Millennials don't need a bunch of gray haired advisors telling them why they should be in the market. So firms like Morgan Stanley are hiring more financial advisors that are Millennials themselves.
"We're making sure our financial advisor base reflects Millennials," said Fleming.
