Marketing to Millennials has become a key focus for financial advisors—and for good reason. Even though Millennials are the first generation in modern American history projected to end up poorer than their parents, this group presents many opportunities for proactive financial planners.
Millennials have faced several economic crises since entering the workforce, but they still need and want financial planning. A study found that over half of Millennials are dissatisfied with their current financial situation due to high debt, a lack of financial knowledge, and overall economic instability. Millennials are also expected to inherit significant wealth from their parents, with some estimates predicting as much as $68.4 trillion by 2030.
This highlights the potential to turn hesitant Millennials into long-term clients through education and a planning-led approach that focuses on long-term goals. Forward-thinking financial advisors should consider the needs and preferences of this group and start engaging with them directly.
Not sure where to begin? Use the following tips to learn how to market to Millennials.
1. Address Their Concerns Directly
You won’t be the only financial advisor targeting Millennials. To stand out, you need to address their concerns head-on. Here are the key issues Millennials care about:
– Paying Off Debt: Many Millennials have significant student loan debt and other leveraged assets. Use your marketing to explain debt management strategies and offer transparent pricing structures that are accessible to this generation. This builds trust and keeps the conversation going.
– Using Credit Responsibly: A strong credit profile is crucial for financial health, but over half of Millennials engage in costly credit card behaviors. Educate them on how responsible credit use can help them achieve their goals.
– Managing Retirement Savings: While Millennials began saving for retirement earlier than past generations, many still worry about saving enough. Address these concerns by showing them how to retire at their desired age.
Tailor your message to your audience. Create buyer personas for each type of client you want and use them as your guide for all communications.
2. Offer a Smooth Digital Experience
“Build it and they will come” doesn’t apply to Millennials. You need to reach them where they are—online. Most Millennials haven’t sought professional financial advice yet but have turned to online resources during major life events.
Invest in enhancing your mobile presence. Whether through an app or a mobile website, ensure the experience is pleasant, easy to access, and uses visuals (photos, videos, data visualization) to boost engagement.
Offering financial wellness technology that provides a quick, holistic view of their financial life gives Millennials what they crave: on-demand access, aggregated views of their financial assets, and a commitment to tech trends.
A seamless digital experience helps you communicate your key messages to potential clients effectively.
3. Build Trust and Authority by Educating
Talking about money isn’t easy for Millennials. Over half of those surveyed felt anxious thinking about or discussing their financial situation.
This generation has seen two major recessions and may have watched their parents lose significant wealth. Trust is hard-earned with this group.
Prove your value by being their financial partner and educator, not just by telling them what to do.
An omnichannel content marketing strategy is highly effective. It shows a commitment to educating prospects without expecting anything in return and provides a sample of the unique value you offer. It’s also one of the best ways to reach prospects during a time of need.
4. Be Authentic
Marketing to Millennials requires balancing brand authenticity and authority. A survey found that 90 percent of Millennials value authenticity in brands and businesses. Being genuine—both online and offline—can help you connect with a generation that’s naturally skeptical.
Capture authenticity digitally by personalizing your communications and building a personable social media presence. Show who you are as a person. Highlight what motivates you to help people every day—not just your expertise as an advisor, but who you are and why you want your clients to reach their financial goals. Being open, genuine, and honest with your Millennial prospects will go a long way.
5. Keep Your Messaging Simple
Millennials are used to finding most of the information they need through a quick Google search. Financial planning is complex and best done with a professional, but Millennials have short attention spans. Convenience is crucial.
Keep your message simple, especially when trying to acquire leads. Conveying your expertise through jargon or lengthy communications won’t resonate. This generation values authenticity and has little trust in traditional financial institutions.
Speak to them in a casual manner and keep explanations simple. Make your communications “bite-sized” and easy to understand without losing value.
Incorporating these practices into your business shows that you understand what’s important to Millennials and that you’re willing to adapt to generational changes. Download our latest eBook, “The Financial Advisor’s Marketing Guide to Digital Content and Campaigns,” for more information on putting these tips into action.
