Financial Advisors: How to Market Towards Millennials 

There is a lot more substance to millennials than avocado toast.

Born between 1981 and 1996, this demographic ranges from 25-40 years old.

What’s unique about them is that they’re going to receive the most significant wealth transfer in history—roughly $70 trillion. And the scary part is if you don’t learn how to market towards millennials, you can lose more than 60% of your clients. 

It’s no secret that millennials need help managing their money. It’s not their fault. It isn’t taught as part of their school curriculum. They’d either need to take a keen interest themselves and do the research, ask peers, or learn from their parents.

The way millennials absorb information and research their interests is primarily online. This even includes financial advice.

While the internet can be a great source of a plethora of information, a financial advisor can make it relevant to their goals and map out how to get there. 

As the old saying goes, you can go fast alone, but you go further together. 

So you know that – but how do you market towards millennials? It isn’t the traditional dinner seminars that may have worked for their parents.

Read on to learn how to market towards millennials as a financial advisor. 

Strategies on How to Market towards Millennials as a Financial Advisor

Unless you’re a millennial yourself, you can’t assume what they want. You have to ask. However, there have been some collective studies and surveys that can give you a hint. Keep in mind not every client is the same. Just because one of your client’s children belongs to the millennial generation doesn’t mean they invest the same way their cohorts do.

If we know one thing about how to market towards millennials, it’s that you need to go mobile. The way you engage with millennials, provide information, and update them on their finances needs to be easily accessible. Here’s how you can stay present without being pushy. 

Provide Education Opportunities

Millennials are hungry for knowledge on building wealth, buying a home, and retiring early. This generation is constantly on social media, browsing YouTube and reading the latest news on a variety of topics every day. Do you know what you have? Answers to all of their financial questions. 

You have several avenues available that don’t require you to fill a room full of seats for an in-person presentation. Whether you do this weekly or monthly, you can reach millennials through the following educational opportunities: 

• A Podcast: Don’t get too gung-ho and promise one a week. Between production and editing, these take time. Start with one a month and once you feel comfortable, increase it from there. You don’t want to start by letting your listeners down! You can also repurpose your podcast into a Youtube video for a larger audience. 
• Social Media: Studies show that millennials are increasing on Facebook and Instagram. If you’ve been avoiding TikTok, don’t feel like you have to hop on the bandwagon. Start with where your clients are and get comfortable using one platform before learning how to repurpose your content for the next. You can use a post or start a live video to get information out to capture millennials’ attention, such as getting out of debt.
• Email Marketing: Whether you’re popping into a millennial’s inbox with a personal note or creating a series of education emails, it’s a great way to stay in touch without causing inconvenience. A midday phone call could interrupt a work meeting, whereas an email can be read at their leisure. Set up several email campaigns that can be triggered based on the millennials’ interests, such as cryptocurrency, saving for a home, getting out of debt, saving for a wedding, or retirement options. 

Be Present Where They’re Already Looking

Millennials have grown up watching the dot-com boom, the progression of the internet from dial-up to 5G technology, and the all-powerful smartphone. They’re even sometimes referred to as the world’s first “mobile generation.” It isn’t just millennials that are affected. Every generation is becoming more tech aware. They are, nevertheless, one of the main reasons why financial professionals should become mobile.

Millennials, who grew up with Google, are huge search engine fans. They rely on it, in fact. Before making a selection, millennials will thoroughly investigate their alternatives, read internet reviews, and depend on word-of-mouth recommendations. Here’s where SEO, digital marketing, and social media interaction can make or break your performance with this important group.

Blogs and click-worthy content bring millennials to the page where you can convert them with more curiosity. By being present online, you’re overcoming brick-and-mortar restrictions and opening up the door for more conversations. 

Relationship Building 101

The key of how to market towards millennials isn’t an award-winning sales tactic. It’s much simpler than that. It’s caring about what they care about. Building a relationship starts with asking about their interests and providing value. 

Instead of another dingy dinner seminar (if you’ve ever seen a poorly lit steakhouse, you’ll understand what we mean), try more engaging activities that give relationship-building opportunities rather than a retirement savings lecture. 

Younger clients want advisers to host a one-of-a-kind, experience-based events that go beyond financial planning.

Creating experiences for millennials like cooking courses, wine tastings, and fitness activities is a great way to demonstrate that you’re a financial adviser who understands their wants and expectations. And, because these types of events encourage engagement and connection development, they aid millennials and financial advisers in establishing the necessary rapport.

Still need help on how to market towards millennials?

Have you been avoiding marketing to millennials because you’ve been feeling aimless? You know that you need to reach this group to have a successful business in the years to come, but you don’t know how to be consistent with it.

At Leading Advisor, we help financial advisors create a clear plan that leads to more profit. Contact us to learn more about how you can overcome your obstacles without sacrificing work-life balance.