Companies try to reach them by revolutionizing their advertising techniques. Politicians try to appeal to them through social media. They even have a semi-official color and an equally semi-official noise named in their honor. With this, Millennials are the focal point for many businesses and firms around the world. All of this attention is not understandable, though, as the youngest generation in the workforce is currently the largest generation in the United States — surpassing even baby boomers.
When considering both their significant population size and the huge influx of wealth that they are set to receive over the next few decades, it is understandable that financial advisors are scrambling to attract younger clients to use their services.
The problem is that the number of young people — and young millionaires — who use financial advisors is incredibly low. The gateway to connecting with Millennials, however, may not be as difficult as some advisors might believe, as there is a prevalent, common denominator that bands together the majority of Millennials.
The fast track to gaining Millennial clients
The quickest way to attract Millennial business is not through cheap gimmicks, temporary trends, or gaudy rebranding techniques; it is by addressing their primary financial concern — debt.
Over 94 percent of college-educated adults have student loans, with an average outstanding balance of over $30,000. This does not even include potential auto loans, medical debt, mortgages, and other types of debt they may incur.
Before Millennials start detailing their financial lives with complicated estate scenarios and funding techniques for their children’s college funds, they must first address their own finances by developing a strong plan for paying off their debt. Connect with Millennial prospects and inform them of the value you and your firm will bring to their lives.
By harnessing the Presentation Module within NaviPlan®, you can quickly demonstrate your value by showing them the path to freedom from debt. This will connect you with your prospect, begin to show your value, and allow you to aggregate the prospect's information that you can build upon in the future.
Moving forward with Millennials
Once you help these Millennial clients effectively pay off their debt, they will quickly realize the value you will bring as they continue to experience all of life’s stages. Whether coaching them through their first home-buying experience or establishing their estate strategy, you will be there with them every step of the way. The important part, however, is starting early — and there is no better time to start than now.
To learn how your firm can attract Millennials and other prospects by leveraging Advicent technology, click here.