Guide to Financial Advisor Marketing for Millennials

According to Smart Asset, only 11% of millennials use financial advisors regularly. Only about a third of financial advisors actively target millennials. That means many millennials need financial advice and plenty of opportunities for financial advisors. So why are so few financial advisors marketing to millennials? 

The disconnect could be that millennials communicate and conduct business differently than the generation before them, so advisors are unwilling or unable to adapt. Or maybe financial advisors just need a better understanding of what makes millennials tick. Either way, if you want to attract millennial investors, change your perspective and your marketing approach. Here’s everything you need to know about marketing to millennials.

Millennials and Financial Advisors: Where’s the Disconnect?

Millennials differ from the typically older demographics most financial advisors serve — so financial advisor marketing to millennials must be different to connect with them. While it’s easy to blame the age gap (the average advisor is 55, and millennials range in age from 25 to 40), there’s more to the disconnect. Millennials have become accustomed to more choices, more ways to communicate, and broader, more personalized service from the brands they choose.

Your advisory has access to the technology millennials embrace, so the disconnect isn’t from a lack of technology. The disconnect is how millennials and financial advisors use that technology. Here are five steps financial advisors can take to connect with millennials to build trust and, ultimately, more business. 

1. Engage Millennials Where They Are Most Comfortable

Millennials have used the internet for everything from social communications to buying products and services their whole lives. They communicate via social media platforms like Facebook, Instagram, and Twitter — and so should your financial advisor marketing to millennials. Connecting with a millennial audience on their preferred platforms lets financial advisors connect more frequently while promoting a less formal interaction, which typically appeals to the demographic. 

2. Don’t Forget the Personal Touch

Millennials love technology but still need the human touch for essential decisions like financial planning. Robo-advisors may seem like the perfect fit for millennials seeking financial advice, but according to Investopedia, only about one in five use the technology. 

That’s because robo-advisors can’t provide the education, planning, and coaching that a financial advisor can. Robo-advisor technology is gaining traction, but it’s not something advisors should fear. Robo-advisors are tools that can complement traditional financial planning services and should be seen as an opportunity to create a more comprehensive approach to serving tech-savvy millennial investors.

3. Be More Than Just a Financial Advisor

To connect with millennials seeking financial advice, you have to be more than a financial advisor. This demographic demands more than expertise and advice regarding finances — millennials expect advisors to provide engaging and informative content that speaks to their immediate needs. Providing resources such as lead-generating content about student loans, IRAs, and even topics that are indirectly related to finances builds trust and engagement.

4. Ditch the Dinner Seminars and Create Experiences Instead

Traditional financial advisor events for clients, like seminars, dinners, and informative presentations, aren’t enough to attract millennial investors. That’s because younger clients want advisors to provide unique, experience-based events that are about more than financial planning. 

Creating experiences for millennials, such as cooking classes, wine tastings, and fitness-based events, provides an opportunity to show that you are a financial advisor in tune with their needs and expectations. And because unique events like these promote interaction and relationship building, they help millennials and financial advisors create the rapport needed to build relationships. 

5. Listen First, Advise Second

Millennials don’t want to hear a speech on the benefits of financial planning or what your advisory can do for them — they want a conversation and to be in the lead. Remember, every generation is different, from how they buy to how they communicate, so interacting with a younger demographic the same way you do with an older demographic just won’t work.

Instead, realize that one of millennials’ most important needs is to be heard. That means letting them lead the conversation and allowing them to express their most pressing concerns upfront. When you focus on listening and understanding rather than advising, at least in the beginning, you will receive invaluable information that can guide you in the best direction for the client. 

6. Utilize Multimedia and Share Across Multiple Platforms

Millennials like technology, so don’t just share blogs. Try incorporating multimedia content across your platforms. Go beyond stagnant images and use videos or vlogs. Then, this can take your blog and content to the next level. And what’s even better about creating a video is that ANYONE can do it as long as you have a smartphone. So, if the video is a part of your marketing strategy, then you can get started by simply:

1. Recording a video on your smartphone
2. Add captions to your video
3. Upload it wherever you can (website, blog, social media platforms, email marketing, etc.)

Once your videos are created and uploaded, sharing them across multiple platforms is the best way to get more eyes on your content, shared, etc.

Client Website Examples

IWM Financial

IWM’s website is aesthetically pleasing to look at. With a nice graphic design on their page dedicated to millennials, it’s easy to see why those who open the site are attracted to it. Below that, it goes even further by offering a list of services they offer and questions clients might have associated with them.

Maleta Wealth Management

Maleta Wealth Management goes right into why their firm is great for millennials. No beating around the bush, they have a page dedicated to why millennials should work with them. What they have to offer to them and how they differ from the other advisors trying to sell themselves. The simple and easy-to-navigate website design doesn’t hurt either.

Acosta Wealth

Like the other sites, Acosta Wealth does a great job selling itself to millennials. What they do differently though is address millennial concerns right on the page. Then go into their financial planning process and how that can help alleviate those concerns. It’s a great tactic to introduce issues millennials might not have thought of but should know about while also adding in possible solutions.

Gottlieb Wealth Management

Gottlieb doesn’t joke when it comes to attracting millennials. Their site is simple and straight to the point. If a millennial comes onto the site hoping to find information for themselves, they won’t be disappointed or looking too long. Gottlieb makes information easy to find for everyone.

Meyers Financial Services Inc.

Meyers Financial takes a more aesthetic approach to attracting its millennial crowd. The site’s page is nicely set up, offering a nice balance of looks and performance. Making their information easy to discover while also setting it apart from other advisor’s websites.

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