January 17, 2019 | Article

Millennials – also known as Generation Y or Gen Y – are typically classified as those who were born between 1981 and 1996.1 They’re also a sizable demographic that many financial advisors arguably haven’t secured yet. Much of the reasoning contributing to this discrepancy includes stigmas and beliefs about the younger generation. However, there are ways to overcome and adapt to these beliefs and appeal to an almost untapped demographic to grow your business. Here are a few ways you can tailor the services you offer:

Myth #1: Millennials are all the same, with similar investing behaviors and attitudes.
Studies have shown that advisors sometimes take on a “one size fits all” approach with the younger generation of investors. Forget that – once you develop a model that can be adaptable, you can tailor your services to each client as it fits. Not to mention, they’ll appreciate the personalized approach.

Myth #2: Millennials gravitate toward electronic communication and robo-advisors.
A recent survey showed that 58% of millennials prefer face-to-face interactions with their financial advisor, which is not unlike the generations that precede them. Additionally, the same survey showed that 46% of millennials said that they have little interest in robo-advisors.2 By integrating user-friendly platforms with face-to-face interactions in a cost-effective manner, a personalized and enjoyable experience will be created for the client.

Myth #3: Millennials are skeptical of the financial services industry and financial professionals.
A recent study showed that nearly 75% of millennials who are currently working with a financial professional are quite satisfied with the services provided and the work that these professionals do. The same study showed that only 15% of millennials who aren’t currently working with financial professionals cite trust as a reason. Keeping that in mind, offering free seminars or consultations to educate this demographic is important. It shows that you’ll take the time to address your clients’ interests and it’ll help you earn their trust.

How will you tailor your services to reach out to millennials and grow your business?

RoboWholesaler is a technology that was created to help financial advisors looking for ways to save time and enhance their productivity. With their time spent more efficiently, they’re able to focus on developing the interpersonal component of their client relationships and grow their businesses. The RoboWholesaler app is now available for free in the App Store and Google Play. It offers you a fast, easy way to review fund performance rankings, and get up-to-date fund fact sheets for top-performing funds and at-a-glance summaries of key fund information.

1 “Millennials”   Pew Research Center.

2 “7 Myths about Millennials and Investing Busted”   ThinkAdvisor.


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