Millennials are starting to pop up more and more in financial news because the oldest in that generation (born in the early 1980s) are entering their prime, wealth-building years. This means they are starting to spend more of their savings on weddings, houses, babies and retirement. (Full disclosure: I’m a millennial!)

The entry of millennials into this stage of life presents a lucrative opportunity for financial advisors. Instead of starting with a large asset base that has distributions around the corner (baby boomers), advisors can start with a smaller base—but one that continuously grows. There are some hurdles to overcome, however. Millennials have different mindsets from prior generations, and advisors need to consider these if they are to fully maximize the potential millennials represent.

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