3 Ways Financial Advisors Can Win Millennial Business

Millennials are on track to receive $30 trillion in inheritance alone in the next decade or so, yet only 30% of financial advisors are actively prospecting this demographic. What’s preventing you from tapping into such a large market of potential clients? My guess is the difficulty you may face trying to market to them. When talking to advisors we often hear that they feel millennials:

  • Don’t know much about finance or investing
  • Their student debt prevents them from investing
  • Prefer robo-advisors over actually hiring a financial advisor
  • They have very little to invest or can’t afford an advisor

While these statements may not be true for every millennial, let’s face it, they are different from your typical client. Rather than letting these differences discourage you, figure out how you can use them to your advantage. Their communication style, goals, and knowledge regarding finance may cause you to change your approach, but it will be worth it when your practice is thriving from the next generation of investors.

Here are 3 tips to help you win more millennial business:

Don’t Belittle Them

I’m sure you’ve come across various articles that state millennials don’t have much knowledge about investing but they do want to learn, which is why apps like Betterment are becoming popular. When speaking with a millennial, don’t belittle them by using every financial term in the dictionary. In your attempt to educate, empower, and build your credibility your likely just pushing them away. I think it’s safe to assume that no adult wants to feel like a child, especially when discussing their finances. Just like all of your current clients, you must tailor your communication approach to match your audience. When they leave your office, it should be with a clear understanding of what you are offering and how you can service them.

Embrace Technology

Millennials are in an era in which technology is at the center of everything they do. Whether it’s keeping up with the news or logging into their bank account through an app, technology plays a large role in their life, so, pen and paper won’t cut it. Embrace what technology you do have and start considering new platforms you could use as a part of your prospecting strategy. Rather than spending an hour trying to explain a 20-page pdf, use your financial platforms to your advantage and provide them with a memorable experience as you visually demonstrate + explain risk/reward and financial planning.

You’d be surprised the difference something as small as a digital questionnaire can have.

Learn how HiddenLevers can help you take your prospects from Hello-to-Close™

Provide Valuable Content

If the average millennial doesn’t know much about finance, why not be their ultimate resource? Whether you start a blog or create educational pamphlets providing millennials with valuable content will help increase your brand awareness and build trust, even with those you’ve never met or talked to before. Let’s be honest, hiring a financial advisor probably isn’t the first solution that comes to a millennial’s mind when considering how to manage their money. But, when googling “how to invest” or “saving for personal goals” coming across your blog posts or other content can passively convince them that they should schedule a meeting with you. Valuable content also helps establish you as a thought leader. When they finally do decide they are ready for a financial advisor they are going to want the best, and sharing your insight and knowledge will help you in being perceived as just that.

Even if they aren’t ready to become a client yet, after reading your content you’ll be the first that comes to mind when they are.

While it will take more than implementing these 3 tips alone, this is a great start to tailoring your approach to reach the next generation. Feel free to share your own tips and suggestions!

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