Most advisors agree it’s easier to preserve an existing relationship than it is to prospect for a new client. But what if you’re looking to retain the older generation AND engage with their children…you know, those intergenerational relationships?
The fact is, whether you’re looking to expand your financial services business or preserve assets for years to come, you need to be able to effectively relate and communicate with the younger generation. Why? Because Millennials are projected to inherit over $68 trillion from their Baby Boomer parents by the year 2030—and most still value advice over algorithms.
Despite this, many advisors struggle to effectively engage with this demographic and make several mistakes that get them ghosted. But what if we told you it doesn’t have to be difficult?
We’re sharing EXACTLY where many advisors get it wrong and the quick fix, so you can easily connect with the next generation and build a sustainable wealth management business for years to come.
The Do’s and Don’ts of Engaging with the Next Generation
Don’t: Rely on Credentials Alone
You’ve worked hard to build your expertise and earn your designations—and clients are looking for an expert. But they’re also looking for a guide: someone who’s approachable, who’s aligned with their values, and who adds simplicity to their lives.
What’s more, their “spidey senses” alert them to anyone who uses complicated sales jargon or wields credentials like a weapon. You don’t want them to bail before they’ve had a chance to see just how much value you bring to the table. You need to build authority—without diminishing your designations.
Do: Simplify and Personalize Content
The last thing your clients need is more jargon. When working with the next generation, it’s key to translate complex financial terms into relatable language. They’re looking for content that’s entertaining, engaging, and easy to understand.
If you’re looking to connect with clients, it’s best to share real-life examples of financial planning successes. Not only is it a testament to your abilities as an advisor, but it’s great social proof—meaning clients are more likely to trust you because others have.
You want to incorporate testimonials into all your content because it’s the perfect way to spotlight your expertise, without coming across as salesy or sleazy.
Don’t: Focus Entirely on the Transaction
Millennials won’t tolerate anything that smells like a sales presentation—so it’s best to prioritize relationship-building over product-pushing. This is important from the first meeting and beyond.
In order to win with the next generation, you need to cultivate trust through ongoing communication and support. If every communication turns into a sales pitch, clients will move on to the next advisor…FAST. You will capture their attention and commitment with content that’s value-packed and pressure-free.
Do: Provide a Holistic Approach
Sure, the next generation of clients likes to buy…but they don’t like to be sold to. They are looking for someone to ask them the right questions and are likely coming into every meeting with an agenda of their OWN.
You want to be that advisor who will meet them where they are—and who will fill in the gaps with your expertise. So…how do you do this?
By nailing down exactly what drives their decisions: from their deepest desires to their prickly pain points. Then you craft your content to solve these problems and speak to their exact needs.
Don’t: Underestimate the Value of Storytelling
Humans love stories—it’s basically in our DNA. We talked about storytelling for your testimonials, but if you’re looking to maintain those intergenerational relationships, then you should be weaving storytelling throughout ALL your content.
It could be as simple as sharing stories of successful intergenerational wealth transfers on social media. Or using personal stories in your emails to help break down complex concepts into more relatable, memorable, and easily digestible tidbits.
Nothing beats boredom like a good story—which is a good thing when you’re competing against algorithms and bots for attention.
Do: Embrace Technology
It’s no secret that younger generations prefer digital communication platforms. So, if you’re looking to build a presence with this group, then it needs to be an online presence.
One simple way is to use social media to provide bite-sized financial education. Another is to use email marketing or a blog to provide relevant and relatable content to your readers.
In fact, content marketing is the best way to stay top-of-mind, share valuable information, and stand out as the go-to financial advisor in your area—especially with the next generation. When looking to engage with younger clients, you need to expand your reach and meet them in the digital space.
Engagement Tips for Different Platforms
We asked our Millennial team members what they value most in a financial advisor and their preferences when it comes to engaging and consuming their content.
Based on their responses, here’s what we found:
Be Transparent
- Millennials prioritize transparency in their financial advisor. Sure, you need to be knowledgeable, but if they feel you’re being forthcoming, they’re more likely to put their trust in you.
- Your clients want to hear from YOU. They hired you because they believe in you and your expertise. Don’t sell yourself short by sending out canned content.
- Millennials typically consume information via video. If you’re not yet comfortable on camera, it’s time to redefine your newsletter and unleash your potential with video.
- Don’t just focus on retired people. Millennials want to know how they should be planning NOW. Provide resources that continue to educate on situations that apply to them.
Engage
- Primarily, Millennials prefer engaging in communication through email. Relying ONLY on social media could be a major missed opportunity.
- It’s important to remember that social media platforms should be SOCIAL. Engage with your audience and their content. Posting a poll and asking followers to respond to something in the comments is a great way to boost engagement.
- The post copy needs to pique their interest to get them to leave a platform. Don’t just tell them what the post is about; give them some nuggets of wisdom to have them clicking for more.
Embrace Technology
- Don’t be afraid to embrace technology for you and your clients. Stay up to date on the latest trends in fintech to ensure you’re not hearing about a trading app from a client.
- Make sure your clients understand the WHY behind your strategies and why “blank” app may or may not be right for them.
- Level up by partnering with a fintech company that works with your clients’ needs (such as Orion, Advisor Engine, or eMoney) to make you stand out as an advisor.
- Tip: Review this 2023 T3/Inside Information Software Survey.
How We Can Help with Long-Term Retention
The truth is legacy outreach is crucial for long-term business viability, but it’s more than just financial transactions. It’s about fostering meaningful connections, understanding the evolving needs of your clients and their families, and positioning yourself as a partner in guiding families toward financial success across generations.
If you need help adapting to the digital world and marketing to the next generation, we’re here to help! Schedule your free strategy call and get customized recommendations on how you can best reach this unique clientele, so you can keep your business growing for decades to come.
