Financial Advisors: Are You Reaching Your Millennial Prospects?

Financial Marketing to Millennials - byJaclyn Boruch

#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:

  • Nearly 66% of children release their parent’s advisor

  • Most advisors only focus on serving clients of a particular age segment

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:

  • 63% of millennials save towards lifestyle goals (compared to 45% of Gen-Xers and Baby Boomers)

  • Only 37% of millennials save for retirement (compared to 55% of Gen-Xers and Baby Boomers)

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.

Jaclyn Boruch

Wealth Marketing Group

#FinancialAdvisor #RIA

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