Client expectations: More tech, lower fees

An adviser's financial planning tools and fee structure could make or break a client relationship. Millennials are among the most demanding when it comes to modern technology and lower fee expectations, though Generation X-ers and baby boomers are not far behind, according to Salesforce's 2015 wealth management report. How the generations connect with their financial advisers also varied widely, though millennials were most likely to chat through text messages and instant messages than their counterparts. Meanwhile, baby boomers were most likely to meet with their financial advisers in person. Advisers should watch out though — when asked what made clients switch advisers in the last five years, many Generation X-ers and baby boomers said a lack of communication with their adviser. Millennials said their outdated financial modeling and high fees were what caused them to stray.