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Building Your Practice

Marketing to Millennials


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It's Easier Than You Think

Millennials: They’re about to reach their prime spending years and they’re different from previous generations in a range of ways. Financial advisors can prepare for the challenge of connecting with millennials using a few simple steps.

Embrace Technology: Millennials have grown up with the internet and smartphones—that is where you will find them. Update your LinkedIn profile. Get on other social media and blogs, assuming your firm’s compliance policies allows this, to highlight the value of your business.

Understand their Priorities: Millennials are waiting longer to get married, have children, own a house, and leave their parent’s nest. College debt is often a large burden. Figure out what is most important to them. Focus your conversation around those goals. How can they pay off their student debt? What tax benefits do they have? Help them come up with a budget to pay off their debt, save for a house, save for retirement while still allowing time to enjoy their friends.

Go Paperless, Get Wireless: No more snail mail and phone calls. Embrace email and texting. To the extent you can leverage group messaging systems such as WhatsApp and Google Hangout (again, check your firm’s compliance guidelines), use them for meetings and announcements.

Listen. No, Really Listen: This generation doesn’t like to be told what to do. They want to ask questions. Get them talking about what they know and how they view their investments.

Hire a Millennial: Millennials like to hang out with other millennials. So bring their peers into your practice. Leverage their networks, their ability to be tech savvy, and get feedback on your communication style.

Leverage your Baby Boomer Clients: Your clients have millennial children who can be brought into the financial planning discussion. Have events where parents and children can come together to discuss savings, paying off debt, wealth transfer. Consider creating a client advisory board where millennial clients can join the conversation. Ask for feedback. Understand that different client segments have different needs.

Get Fit: Millennials like to exercise and eat healthy. Think about the latest craze: Barre Method classes, Aerial Yoga, Gluten-Free foods. You can create networking events to draw millennials and introduce your practice.

Get creative!


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