New data shows millennials love what Wall Street's biggest banks have to offer them

Robot warning danger signREUTERS/Chris BerryA warning sign hangs from a robotic area at the Whirlpool manufacturing plant in Cleveland, Tennessee August 21, 2013.

Millennials prefer to get their financial advice
in person more than any other age group.

That’s according to a report.

Also according to the report, millennials prefer getting advice in person to any other form of communication.

The news is good for big banks, like UBS and Morgan Stanley, which think they can fend off a stampede of startups looking to chip into their prized wealth management and asset management businesses.

The news is bad for startups, lik Betterment and Motif Investing, in New York and in the Bay Area that have crashed the personal finance space, set on chipping into a multi-trillion dollar industry.

Have a look at the graphic from Salesforce’s ‘2015 Wealth Management for Connected Investors’ report, below, which illustrates by age group how each prefers to get advice and make investment decisions:

Salesforce robo-advisor surveySalesforce.comMillennials prefer getting financial advice in person to any other form of communication.

For a little additional context, here’s the colour-coded chart Salesforce used to illustrate the survey (in case you don’t believe it):

Salesforce colour keySalesforce.comlSalesforce chart for identifying age groups

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