Connecting with Millennial Investors
Kristin Shea, RICP?
??Busting the industry wide open with my best-seller: The Truth About Digital Marketing for Financial Advisors. ?? Grab your copy below and get ready for marketing & industry truth bombs ????
Hello and Happy Wednesday!
Today I'd like to share with you a recent whitepaper from Nationwide in regards to Connecting with Millennial Investors.
Some of the key takeaways:
- Millennials think and act differently about money than previous generations
- They tend to invest like someone twice their age – cautious, conservative, and averse to risk
- They have close relationships with their parents, creating opportunities for advisors to connect across generations
Millennials have overtaken Baby Boomers as America’s largest generation, and they need your help:
- They’re overburdened with debt
- They’re savers, not investors: 4 out of 5 millennials are not investing in the stock market
- They’re adverse to risk
- They’re open to advice
Six ideas for connecting with Millennial clients:
1. Foster relationships with parents and family members
2. Use technology strategically to share information that supports the advice you give
3. Tailor your messaging to address the unique concerns Millennials have about their future
4. Seek strategic partnerships with innovative and non-traditional service providers- I’d be happy to brainstorm with you
5. Make it about MOMENTS because experiences matter more than objects in this generation
6. Communicate with video to help drive action and create authenticity- I can help you with this too
Millennial client takeaways:
- Manage Debt (student loans in particular)
- Turn SAVING into INVESTING
- Invest for long-term growth
For their parents:
- Find financial independence for the Millennial children to take pressure off parents
- Plan for wealth transfer and develop a plan for the family to make accumulated wealth available to all generations
- Assess their specific, individual needs.
Let me know if there’s anything you need or you’re working on that I can help with that looks or smells like an annuity might be a look fit, or if you want help marketing to millennials. :)
Make it a great day!
Kristin