Tech-Savvy Millennials Rewriting Financial Marketplace Rules, Says FINRA’s Axelrod
Industry must attract this cohort ‘if we want to avoid the looming succession cliff,’ says FINRA’s regulatory chief
June 13, 2017 | by Melanie Waddell | ThinkAdvisor
Tech-savvy millennials are “rewriting the rules of the financial marketplace,” with the banking industry at “the highest risk of disruption by millennials,” Susan Axelrod, executive vice president of Regulatory Operations at the Financial Industry Regulatory Authority, said Tuesday.
Speaking at the Insured Retirement Institute’s government legal and regulatory conference, Axelrod cited the most recent Millennial Disruption Index — a survey of 10,000 millennials — which found that 73% would be more excited about a new offering of financial services from nontraditional financial institutions like Google, Amazon, Apple, PayPal or Square than from their own commercial bank.
The index also found that 71% would rather go to the dentist than listen to what banks are saying, she added.
