With millennials turning 20-36 years old next year, they are no longer the lazy, unemployed, parents basement dwellers they were five years ago. Many are deep into their careers, having kids, and in comparison to other generations, millennials are more optimistic about their financial future.
- Millennials are Americas largest generation, representing 92 million people
- 44% of those ages 21-30 report they are extremely interested in learning about investing
- In a recent national financial literacy survey, 18-34 year olds did worse than any other age group
- About 34% of millennials are unsatisfied with their financial standing at the moment and 18% are not at all satisfied
Millennials understand the importance of long term investing, however they are lacking the support and resources they need. Whether you like it or not, millennials are the future of your business and when the time comes when they need financial guidance, wouldn’t you want to be top of mind?
So why invest time and efforts into creating a strategy to communicate with a generation that is carrying high levels of student debt and indulging in avocado toast? Simply put, millennials are the next generation of decision makers. Whether it be through succession of assets, or the fact that within the next ten years they will be taking over senior level high paying positions, their empty pockets wont be empty forever. They may not be as wealthy as boomers today, but they hold the key to tomorrows wealth. As a financial advisor, you can prepare for this day by opening up the conversation with this generation.
Although many millennials currently do not have a financial advisor, it does not mean a relationship with one is not something they are interested in. Most millennials readily see the value that a financial advisor can offer. Additionally, they are aware that at present, they lack the knowledge and education needed to succeed financially when it comes to all things saving and investing. In many cases, millennials feel as though they have been let down when it comes to financial guidance. In turn, their lack of initiative to set long term financial goals may not be due to carelessness or lack of concern, but that they simply do not know how to go about making such decisions.
Where to Communicate
There is no doubt about it; millennials are one of the most tech savvy generations. Be it through smart phones, tablets, or laptops, millennials are virtually connected at almost every moment of their lives. Mobile is unarguably the best channel to connect with millennials. The most receptive channel: via email.
What are the worst ways to reach millennials? Spam, voicemails, letters and telemarketing. It is important that advisors adapt the way in which they communicate to meet the specific needs of millennials. The safest way is to ask them which form of communication they prefer. More likely than not it will be through email, or engaging with your content on their time and terms. That being said, they don’t want to work hard for information in a world where anything they need to know is available online. Webinars are also an attractive channel millennials are likely to seek out for gaining financial insight.
Finally, the most obvious channel is social media. Being present on social media may be one of the best spaces to be seen by millennials.
How to Communicate
The way in which you deliver your message also matters tremendously when attracting millennial prospects. On that note, forget the reserved sales pitch. Long lost is a trust in traditional marketing, therefore creating a trusting relationship through education, guidance and conversation is the best way to gain their attention and respect. Through this consistent conversation and built trust, you can demonstrate to this generation how your services and support can better their lives. Consistency and authenticity are key.
To learn how you can access the content millennials want and need while building your online brand, schedule an AdvisorStream demo today.
- Wealth Management, "10 Ways Financial Advisors can Better Engage Millennials"
- Digital Agent, "3 Ways Financial Advisors Can Better Engage Millennials "
- Forbes, "Millennial Money"