Compliments to Hester Pierce, who is asking the right questions and stated the following at a recent speech:

“It puzzles me that it is so difficult for those of us who regulate the securities markets to understand this concept; after all, capital markets are all about taking risk, and queasiness around risk-taking is particularly inapt. A key purpose of financial markets is to permit investors to take risks, commensurate with their own risk appetites and circumstances, to earn returns on their investments. They commit their capital to projects with uncertain outcomes in the hope that there will be a return on their capital investment. The SEC, as regulator of the capital markets, therefore should appreciate the connection between risk and return and resist the urge to coddle the American investor.”

From my experience, Millennials nor anyone else likes to be told what they can and cannot invest in.  Some protection, YES.  Paternalism and Helicopter Regulators, NO thanks.

https://www.sec.gov/news/speech/speech-peirce-091218