XYPN also offer adapted service models alongside their pioneering fee structure in order to entice a younger crowd. “The entire financial planning process has to be redesigned to accommodate the life stage that younger clients are in,” says Moore. “Younger clients are more interested in debt management, paying off student loans, buying a home, having children and starting businesses...not retirement planning.”
It’s not just winning their trust which is hard, keeping it is tough too. Millennials are said to be the least trusting generation yet and it’s important that firms work towards building a reliable rapport with generation Y.
Melanie Cressman, assistant account executive at Gregory FCA, suggests hosting client appreciation events with a modern twist; “Try hosting your gathering in a reserved room at the new restaurant downtown or at a local craft brewery—these settings are places that millennials will feel more comfortable in, rather than a stuffy conference center or country club. Consider incorporating modern luxuries at events to attract young clients, too, like providing iPads or tablets for this group to use during presentations or offering takeaways like Fitbits, which are popular with millennials.”
Offering greater flexibility is a key factor in attracting generation Y investors. Offer remote, virtual meetings that don’t require a commute and can be done outside of a client’s working hours. Generation Y has grown up in an age of technology and will expect their advisors to utilize it.
“If you are unwilling to try new approaches to win over new business, you won’t get far with gen Y clients,” says Cressman. “Cater to the needs and lifestyle of the younger generation, and they will notice.”