In an online survey of 1,675 U.S. adults, Microsoft found that given the choice, 60% of Millennials would choose never to set foot in a bank again, but to handle everything online, and 90% say they are confident they can manage their personal finances. However, 22% say they are open to financial advice. Surprisingly, though, Baby Boomers are heavier users of most online banking features than Millennials, except for linking and opening accounts online. In a more recent survey by UBS – Only 28% of the millennials surveyed said that long-term investing was key to achieving success, compared with 52% of respondents in other generations.

The Microsoft survey asked Millennials what they would come back to a bank branch for. About half (52%) said financial planners, 47% said accountants, 38% said investment brokers, and 37% said insurance agents. Millennials surveyed see the benefit of using personal financial management tools: 59% of young PFM users said it gives them a greater understanding of how they spend their money, 52% said it helps them live within their budget, 43% said it results in fewer overdue bills, 40% said they pay fewer penalties and late fees due to PFM, and 31% said they bounce fewer checks and have fewer overdrafts because of it. For Advisor access Marketware International is introducing a new version of its application under the “webBroker iNTouch” brand. Stay tuned… Hope to hear from you. Pass this message along to friends and, colleagues.