{"id":9614,"date":"2021-08-23T14:51:02","date_gmt":"2021-08-23T19:51:02","guid":{"rendered":"https:\/\/www.figmarketing.com\/blog\/?p=9614"},"modified":"2023-09-25T14:46:03","modified_gmt":"2023-09-25T19:46:03","slug":"6-tips-to-help-financial-advisors-connect-with-millennials","status":"publish","type":"post","link":"https:\/\/www.figmarketing.com\/blog\/6-tips-to-help-financial-advisors-connect-with-millennials\/","title":{"rendered":"6 Tips to Help Financial Advisors Connect With Millennials"},"content":{"rendered":"\n<p><em>Updated September 25, 2023, at3:56 PM<\/em><\/p>\n\n\n\n<p>As a member of the millennial generation, I\u2019ll call it as I see it: millennial investors require special care from financial advisors.<\/p>\n\n\n\n<p>Sure, my generation can get a bad rap sometimes. But we\u2019re not that different from other generations. From <strong><a href=\"https:\/\/www.figmarketing.com\/blog\/baby-boomers-love-facebook-so-you-should-too\/\" target=\"_blank\" rel=\"noreferrer noopener\">baby boomers<\/a><\/strong> to Generation Z and millennials to Generation X, each cohort requires particular considerations to develop solid and long-lasting relationships that financial professionals crave.<\/p>\n\n\n\n<p>It just comes down to the <em>how<\/em> behind those considerations. Just as boomers prefer more time when making decisions and Generation X appreciates added context, millennials have their fair share of inclinations when it comes to connecting with the companies they do business with.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>So, how do financial advisors connect with millennials?<\/p>\n\n\n\n<p>It turns out there are quite a few strategies to try that aren\u2019t overcomplicated to allow your firm to show off its personality and voice to appeal to those millennials who want to make a real connection with you.<\/p>\n\n\n\n<p>And with over <a href=\"https:\/\/www.openinvest.com\/articles-insights\/30t-in-inheritance-moving-to-millennials-how-to-prepare-your-business-for-this-great-wealth-transfer\"><strong>$30 trillion<\/strong><\/a> pouring into millennials\u2019 bank accounts through the Great Wealth Transfer, now\u2019s the time to get ahead of the game and start securing more millennial clients. Here are six tried-and-true ways your financial planning firm can connect better with millennials.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Ways Financial Advisors Can Connect With Millennials<\/h2>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>1. Understand what millennials value.<\/strong><\/h4>\n\n\n\n<p>Often considered the world\u2019s first \u201cmobile generation,\u201d millennials have grown up witnessing the dot com boom, the evolution of connectivity from measly dial-up to 5G technology, and the all-powerful smartphone (to name a few). And it&#8217;s not just millennials. All generations are getting more tech-savvy. But they&#8217;re a big reason <strong><a href=\"https:\/\/www.figmarketing.com\/blog\/why-financial-professionals-should-go-mobile-infographic\/\" target=\"_blank\" rel=\"noreferrer noopener\">why financial professionals should go mobile<\/a><\/strong>.<\/p>\n\n\n\n<p>With that in mind, millennials are connected to society and hyperaware of issues and their shortcomings. Here are three fundamental values to focus your communications with millennials on:<\/p>\n\n\n\n<ul><li><strong>Sustainability:<\/strong> Millennials grew up conscious of society\u2019s environmental impacts and are aware of the impacts products and businesses can have\u2014for better or worse. Because of that, they tend to support businesses that practice sustainability. It can be as simple as using recycled materials in your office (or getting rid of paper altogether) or as big as hosting a community-wide Earth Day clean-up each year. Whatever you choose to do, highlight your firm\u2019s role in supporting better business and environmental practices when you\u2019re engaging millennials. Because even if they don\u2019t ask for it, they\u2019ll definitely take note.<br>&nbsp;<\/li><li><strong>Research<\/strong>: Growing up with Google, millennials <em>love<\/em> search. In fact, they depend on it. Before making any decision, millennials will research their options extensively, examine online reviews, and rely on word-of-mouth before deciding on something. This is where SEO, digital marketing, and social engagement can make or break your firm\u2019s success with this critical demographic.<br><\/li><li><strong>Value<\/strong>: Having witnessed the 2008 economic collapse, many under their parent\u2019s roofs, millennials are rightfully wary about the volatility economies can invite and are reasonably frugal compared to some other generations. Focusing on saving money and finding the best value they can get, it\u2019s essential to highlight the value and differentiators your firm can offer them compared to your competitors. But make sure you\u2019re transparent and truthful\u2014because afterward, they\u2019re likely to search and find out if you were honest with them.<\/li><\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">2. <strong>Focus on interactive content.<\/strong><\/h4>\n\n\n\n<p>Let millennials play a role in your company\u2019s content. This generation basically created the influencer craze you see today. So when they consume content, they don\u2019t want to do it passively. Interactive quizzes, live videos or webinars, and giveaway contests are just a few tactics you can use to engage with millennials.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>3.<\/strong> <strong>Don\u2019t bother with outbound marketing.<\/strong><\/h4>\n\n\n\n<p>Those direct mailers and radio ads may work on baby boomers, but you don\u2019t have to waste money on that for millennials. Those forms of promotion don\u2019t help millennials feel connected to your brand. Instead, most of them perceive these outbound tactics as self-serving and impersonal. So much so that only <a href=\"https:\/\/www.iab.com\/wp-content\/uploads\/2015\/12\/Crowdtap_TheMarketersGuidetoUGC.pdf\"><strong>1% of millennials<\/strong><\/a> say a compelling ad can build trust. Instead, focus on your <a href=\"https:\/\/www.figmarketing.com\/blog\/the-financial-professionals-inbound-marketing-funnel\/\"><strong>inbound marketing funnel<\/strong><\/a> by using blog posts, YouTube videos, and social media marketing to grow trust.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>4. Be personal, brief, and conversational.<\/strong><\/h4>\n\n\n\n<p>We hear an awful lot about personalization in marketing these days, and again, we find ourselves thanking millennials for that. They value a personal approach where they feel like they\u2019re part of the process. For example, millennials are more likely to click an email when their name is in the subject line.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Related: <a href=\"https:\/\/www.figmarketing.com\/blog\/how-seo-for-financial-professionals-can-grow-business\/\" target=\"_blank\" rel=\"noreferrer noopener\">How SEO For Financial Professionals Can Grow Business<\/a><\/h4>\n\n\n\n<p>Millennials don\u2019t want to hear \u201cword stew.\u201d Or get bombarded by walls of text that sounds like an old-school robot regurgitating jargon. Their attention spans are short and they\u2019re fond of keeping it casual. Have your materials aimed at millennials be brief and to the point, and don\u2019t use business-speak or industry terminology. Keep it down to earth and relatable, and you\u2019ll gain more trust.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">5. <strong>Have them join your ranks.<\/strong><\/h4>\n\n\n\n<p>Financial advice is a growing industry, but it\u2019s also an aging one. And who else knows how to appeal to and engage millennials than millennials themselves? Hiring millennials and other young talents can help you understand their pain points and allow them to be a sounding board for your marketing ideas. Employees are your greatest assets, so don\u2019t be afraid to utilize younger talent to help gain feedback on your strategic initiatives.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">6. <strong>Show off your fun side.<\/strong><\/h4>\n\n\n\n<p>With all their quirks, Millennials may have one that trumps them all: they love the <em>experience<\/em>. In fact, 72% of them <a href=\"https:\/\/www.cnbc.com\/2016\/05\/05\/millennials-are-prioritizing-experiences-over-stuff.html\"><strong>prefer experiences over material items<\/strong><\/a>. Like when researching the financial advisor they\u2019ll work with, millennials almost love the experience more than the choice itself. They\u2019re after exclusive and memorable activities that they can point to and say, \u201cI did that.\u201d<\/p>\n\n\n\n<p>Millennials want what they do to be seen as unique and personal. So whether you devise an interactive step-by-step onboarding process, send them free swag to wear and share, or offer a \u201cselfie station\u201d at your next client event, the best way to have millennials engage with your business is to engage with them first.<\/p>\n\n\n\n<h4 class=\"has-text-align-center wp-block-heading\">Keep Reading: <a href=\"https:\/\/www.figmarketing.com\/blog\/turn-survey-data-into-effective-marketing-tactics-for-your-business\/\" target=\"_blank\" rel=\"noreferrer noopener\">Turn Survey Data into Effective Marketing Tactics for Your Business<\/a><\/h4>\n\n\n\n<hr class=\"wp-block-separator\"\/>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/engage.figmarketing.com\/acton\/fs\/blocks\/showLandingPage\/a\/39120\/p\/p-016b\/t\/page\/fm\/0\" target=\"_blank\" rel=\"noopener noreferrer\"><img fetchpriority=\"high\" decoding=\"async\" src=\"https:\/\/www.figmarketing.com\/blog\/wp-content\/uploads\/2023\/01\/BP-Client-Experience-CTA.png\" alt=\"call to action to express interest in Elevate advisor marketing program\" class=\"wp-image-12191\" width=\"512\" height=\"183\" srcset=\"https:\/\/www.figmarketing.com\/blog\/wp-content\/uploads\/2023\/01\/BP-Client-Experience-CTA.png 1024w, https:\/\/www.figmarketing.com\/blog\/wp-content\/uploads\/2023\/01\/BP-Client-Experience-CTA-300x107.png 300w, https:\/\/www.figmarketing.com\/blog\/wp-content\/uploads\/2023\/01\/BP-Client-Experience-CTA-768x275.png 768w, https:\/\/www.figmarketing.com\/blog\/wp-content\/uploads\/2023\/01\/BP-Client-Experience-CTA-585x209.png 585w\" sizes=\"(max-width: 512px) 100vw, 512px\" \/><\/a><\/figure>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><a href=\"https:\/\/www.figmarketing.com\/#!\/Landing\" target=\"_blank\" rel=\"noopener noreferrer\"><img decoding=\"async\" width=\"150\" height=\"152\" src=\"https:\/\/www.figmarketing.com\/blog\/wp-content\/uploads\/2021\/02\/FIG-Logo-Red-Triangle.png\" alt=\"financial independence group logo\" class=\"wp-image-8736\"\/><\/a><\/figure><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Updated September 25, 2023, at3:56 PM As a member of the millennial generation, I\u2019ll call it as I see it: millennial investors require special care from financial advisors. Sure, my generation can&hellip;<\/p>\n","protected":false},"author":57,"featured_media":9622,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[364,363],"tags":[379,345,104,408,68,331],"acf":[],"_links":{"self":[{"href":"https:\/\/www.figmarketing.com\/blog\/wp-json\/wp\/v2\/posts\/9614"}],"collection":[{"href":"https:\/\/www.figmarketing.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.figmarketing.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.figmarketing.com\/blog\/wp-json\/wp\/v2\/users\/57"}],"replies":[{"embeddable":true,"href":"https:\/\/www.figmarketing.com\/blog\/wp-json\/wp\/v2\/comments?post=9614"}],"version-history":[{"count":22,"href":"https:\/\/www.figmarketing.com\/blog\/wp-json\/wp\/v2\/posts\/9614\/revisions"}],"predecessor-version":[{"id":13194,"href":"https:\/\/www.figmarketing.com\/blog\/wp-json\/wp\/v2\/posts\/9614\/revisions\/13194"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.figmarketing.com\/blog\/wp-json\/wp\/v2\/media\/9622"}],"wp:attachment":[{"href":"https:\/\/www.figmarketing.com\/blog\/wp-json\/wp\/v2\/media?parent=9614"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.figmarketing.com\/blog\/wp-json\/wp\/v2\/categories?post=9614"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.figmarketing.com\/blog\/wp-json\/wp\/v2\/tags?post=9614"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}