Excerpt from a session of ExecuNet Master Class, What Top CEOs and Investors Are Asking in 2017, in which one of the top wealth management strategists in the country, Dan Skelly, Executive Director of Morgan Stanley, spoke with ExecuNet about the state of the economy.
ExecuNet: What implications do you see resulting from Baby Boomers moving into retirement and Millennials moving into business leadership?
Dan Skelly: We don’t expect interest rates to increase much, because if the demand for yield products is going to remain fairly strong from the Boomers as they go into retirement and look to live off investment income. “The objective data shows the Millennials really aren’t unlike any other generation beforehand,” said Dan Skelly. According to Dan, despite some quirks, Millennials were simply caught up in poor timing because many graduated around 2008 and were negatively impacted by the poor economy and job market. “They got a slow start,” said Dan. But now they are starting to see higher wages and to pay down their student loans, allowing them to buy houses. They really aren’t all that much different than other generations when one factors in a slow start due to economic conditions.
The Millennial generation will be larger than the Baby Boomers and just coming into their peak spending years in the next 5-10 years. The Millennials will make a positive economic impact, particularly in real estate.
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