As scores of investors enter retirement and the age of the baby boomer comes to a close, many advisors are turning their attention to generation Y in order to secure a profitable future for their firm. Others, however, are struggling to pull in fresh faced investors. Here, we asked industry experts for their advice on successfully marketing to millennials.
Look beyond traditional marketing strategies and utilize what generation Y gave us. Millennials are the inventors of social media and they stay constantly connected to the world around them via the internet. This makes social media the ideal avenue to reach potential new clients and maintain contact with established ones.
“Millennials make up a huge potential market, by utilizing marketing strategies now, you will position yourself to thrive later,” says digital marketing executive Mike Renton. “Investing in marketing initiatives that are tailored towards millennials will help you jump to the top of their list.”
Start building your online reputation now and not only will you reach more millennials but the groundwork will already be laid when the time comes to attract generation Z.
Earlier this year Wells Fargo released a study on millennials and their money, the study revealed that 55% of millennials wanted financial advice but felt they couldn’t afford it. Find a way to dispel the myth that financial advice has to cost a fortune and encourage money conscious millennials into your practice.
The XY Planning Network adopted an innovative fee model and don’t specify any asset minimums so clients can be confident they’ll have enough money to work with a financial planner.
“We use the monthly subscription fee structure to attract younger clients,” says XYPN co-founder Alan Moore. “They are accustomed to paying for their bills monthly, so why not pay their financial planner monthly? Most advisors charge on an Assets Under Management basis, which only works for folks that have accumulated significant assets. The monthly subscription model isn't affected by the client’s savings, so you can work with clients from all walks of life.”