#ICYMI (that's cheeky Millennial speak for "in case you missed it"), nearly 66% of children will not keep their parent's financial advisor.
With 10,000 Baby Boomers retiring daily, this leaves financial advisors with tremendous opportunity. About two-thirds of retiring Americans, Canadians, Australians, and residents of the U.K. have private access to financial resources. The remaining third have informal or no access at all.
America is on the cusp of the largest transfer of generational wealth, ever. Over the next 30 years, some $30 trillion will be transferred from Boomers to Gen-Xers and Millennials.
That presents a pretty good opportunity for advisors, except for two things:
Understanding the Millennial Mindset
What’s most important is that millennials are saving, but they are not saving for retirement. According to a study by Merril Edge:
Key statistics like this are the basis for understanding what is important to this generation—financially speaking. Fueled with this insight on millennial prospects, you can tailor a strategic, targeted marketing plan to retain your existing clients’ children and attract new prospects, too. A few ideas for marketing pieces to attract millennials include:
How saving now will help attain lifestyle goals, overall and after retirement
How much should one should save in their 20s, 30s, and beyond
Factors that can help determine how much of each paycheck to put towards financial savings to prepare for upcoming life stages
The millennial generation composes the largest percentage of consumers for targeted marketing. With these factors in mind, you can nurture prospects with information that is relevant to them.
Wealth Marketing Group