Elliot Weissbluth, CEO of HighTower Advisors, says that he sees opportunities for independent firms like his as more millennials seek financial advice. "Do millennials want to be serviced the way their parents were?" Weissbluth asks. "Is a quarterly office meeting or golf game or dinner or paper performance report the way that the next generation wants to be serviced?" He says independent firms are in a better position to cater to the next generation because they "are significantly ahead in innovative technology and solutions."

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