‘Mobile-First’ Millennials Need More Education

While it's too early to say wearable technology like Google Glass will replace smartphones, millennials have shown they're interested in new technology. Fidelity and Wells Fargo are already testing "glassware" to take advantage of that shift.

The survey found that some millennials still don't trust large financial firms. Those who are lucky enough to have money — some are struggling with substantial debt — tend to be conservative with it. "This is where effective financial education can play a powerful role in bridging the gap between brokerage firms and young people," according to the report. "Good educational content empowers the individual by demystifying the markets and helping them to make better financial decisions. Strong educational resources also enable the investment firm to position itself as a helpful resource to those who are just beginning to learn about investing."

Corporate Insight found 60% of millennials think it's very important for their brokerage firm to offer educational resources. However, the report claimed "most retail banks, brokerages and asset management firms do a mediocre job" of educating their clients.

Exceptions to that are Fidelity and TD Ameritrade, according to Corporate Insight. Fidelity uses videos and microsites that feature young people to engage millennial consumers. TD Ameritrade uses an education center that features games where users can complete a quiz to earn points. The report noted that as of now, users can't do anything with points they earn, but that is expected to change soon.