Join the millennials | Finance and Investment

Many, 44 % of Generation Z members and 51 % of millennials, have already resorted to professional advice to make financial decisions. In addition, the younger generation is more inclined to want to work with counselors than baby-boomers (83 % versus 63 %), according to a study by Dow Jones and AdvisorStream.

However, to attract these generations, it is necessary to approach the elderly differently, according to Susan Silma, head, regulatory commercial practices, at Sun Life Financial Investment Services on Investment Executive.

The latter would thus be further interested in a hybrid advisory relationship that combines an advisor and an access to digital tools and desire increased transparency. The expert also offers five tips to help the consultants attract these young clients.

  • Involve the family in your client meetings

The best way to get in touch with these clients and create a relationship of trust is to go directly through their parents. To preserve the assets of the inheritance, also encourage your clients to bring their children to your meetings and involve the whole family in financial planning conversations. This is the best way for you to ensure that these customers will stay with you when the time comes.

  • Doing financial education

You can help improve the financial literature of these young clients. Send them articles, podcasts or videos on personal financial management, budgeting, investment and placements. Don’t send them anything, target topics and articles based on their standard of living and their goals.

  • Do not neglect digital tools

Clients of this generation want a personal connection with their advisor, but also be supported by good digital tools. Make sure you are at the forefront of technology and improve your digital capabilities to offer them what they want.

  • Identify tangible goals with them

Discover what is important for customers of these generations and help your customers identify and formulate their goals. Then establish with them a financial roadmap to help them reach their goals.

  • Make regulation an opportunity

Take advantage of the broader requirements in terms of customer knowledge to learn more about each of them and demonstrate your value. Make sure you put their interests first and explain your investment recommendations. Also provide transparency on fees.

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