July 19, 2018 | Article

Have you thought about what steps you’re taking to appeal to the younger generation of clients? As the millennial population is growing up, the demographic of millennial advisors has been increasing. It’s been noted that these advisors are appealing to younger clients and they’re able to create successful relationships with the younger generation of investors. It seems as though they’ve adopted a completely separate business model, which is reportedly better suited for millennial clients. From the intel we’ve gathered, this is how millennial advisors are appealing to the younger investor, and how you can as well.

Rather than going in-depth with a complex financial plan, young advisors are providing basic financial advice to millennial investors. The younger generation of advisors works with these clients to create a basic budget, formulate a financial plan, and provide information on creating an investment portfolio and who the investor should consult with.

Advisors should keep in mind that the younger generation is still getting started in investing their money. What does this mean to you? Although they may not be investing as much as clients you may have grown accustomed to, their portfolios and available funds may only increase. Building a relationship with them earlier on in their investing journey will increase the likelihood of keeping their investments with your firm.

Millennial advisors, for the most part, aren’t usually keen on setting up appointments. So, in comparison to the traditional advisor, the younger advisor generally has less expenses and doesn’t have to take on costs of maintaining a fancy office. Since millennial advisors don’t tend to set up appointments, they make themselves accessible via text, email, or phone calls to answer their clients’ questions. This makes it easier for the client to get ahold of their advisor and have their questions answered. With that being said, giving your clients the option to reach you via text or email can make your services more appealing.

By adapting to younger clients, millennial advisors present themselves with the opportunity to expand their practice and begin working with a new generation of clients. What will you do to appeal to this younger generation of clients?

With RoboWholesaler.com, Financial Advisors can appeal even more to the millennial client. If your clients have a favorite fund, or have questions about the fund itself, you can save the fund to your account. You can also download and email the fund fact sheets directly to your client with a simple click.

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, get up-to-date fund fact sheets for top-performing funds and at-a-glance summaries of key fund information.


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