Financial Advisors Working with Millennials

Today financial advisors working with millennials has become difficult for financial advisors because millennials are a different breed. Read this post to find out how to understand and work closely with this group.

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    Financial Advisors Working with Millennials

    Financial Advisors Working with Millennials

    The historical and socio-cultural location shared by a generation is what defines it and sets it apart from previous generations. Consider for a moment how children growing up at the dawn of television, man landing on the moon and the Vietnam War (Baby Boomers) will differ from children raised with no knowledge of a world without the Internet, a life spent in “real time” and witness to 9/11 (Millennials). Today financial advisors working with millennials has become difficult because millennials are a different breed.

    Millennials, generally defined as individuals between the ages of 18-34. recently passed Baby Boomers as the largest generation in American history.1 They may not be as economically well off as Baby Boomers, but they are ascending the income earning curve and may be beneficiaries (along with Gen Xers) of a massive wealth transfer from their parents, estimated by some to be up to $30 trillion.2
    In brief … millennials are the future of your practice.

    Understanding the Millennial from a Financial Advisors Perspective

    Millennials are not like Baby Boomer or Gen X clients. If you wish to successfully tap the millennial market, you’ll need to understand how they think, what they think and how to communicate with them.
    Millennials are digitally savvy, socially connected, health conscious and socially responsible people. From a financial perspective, they have a general distrust of financial advisors and Wall Street; they keep their money in cash (remember, the 2008 credit crisis was a formative adult experience); they carry a large debt balance and are unfamiliar with negotiating job offer perks, i.e. stock options, signing bonuses and non-compete agreements.

    Working with Millennials

    Recognizing the millennials’ distrust of Wall Street and their disinclination to work with “their father’s broker,” advisors will need to consider adapting how they work with this generation.
    As you develop your strategy around capturing millennials, consider:
    • Becoming actively engaged with social media; millennials turn to their online networks when making purchasing decisions, and trust and rely on referrals
    • Offering a flat-fee pricing option
    • Packaging relevant advice services, such as:
    • Strategies to reduce college debt
    • Assistance in structuring a plan to pay down credit card debt
    • Guidance with career choices and negotiating a job offer
    • Investing in a 401(k)
    • Flexibility to meet via Skype

    For a more in-depth look into the millennial generation and how to win their business, we welcome you to read our white paper, Successful Ways to Mentor the Millennials.


    See referenced disclosure (2) at 




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