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Monthly Archives: May 2014

How Can Financial Advisors Attract Millennials as Clients?

How Can Financial Advisors Attract Millennials as Clients?Although most financial advisors are familiar with Millenials, not many are actively pursuing this generation. This term “Millenials” refers to anyone born between 1977 and 1995. While Boomers may initially seem more appealing as prospects, Millennials actually bring some strengths to the table that suggest advisors should take a second look.


To start, this group is quite large. Studies and surveys peg it at about 77 million people, which equates to just under 1/4 of the total US population.


The second reason advisors should concern themselves with this group is because they’re the future. Even though there are plenty of advisors who are happy to make their bread and butter with Boomers, the reality is that the Boomer generation isn’t going to be around forever. As a result, it’s crucial for advisors who want their practice to stand the test of time to start making inroads into the Millennial generation.


Common Myths About Millennials


Many advisors have likely shied away from Millennials because of the prevalence of several myths. The first myth is that Millenials are broke. One reason this myth may have developed is that many Millennials were severely hit by the recession at the start of their careers.


However, just because this generation has faced some adversity doesn’t mean they’ve given up. On the contrary, Millennials have a larger percentage of individuals with over $2 million in assets than Generation X. Since Generation X’ers (1965-1976) are older than Millennials, this fact comes as a surprise to many advisors.


Another myth is that Millennials don’t value education as much as other generations. But once again, that myth has no basis in reality. Millennials are actually the most educated generation! 23% have at least a bachelor’s degree, and 39% are still pursuing some form of higher education.


The next myth is that most Millennials aren’t thinking about financial planning. The reason this myth is especially interesting is that there’s some truth to it. Depending on which end of the Millennial spectrum they fall, individuals in this group are 34-41% less likely to have contact with a financial advisor than other generations. A common reason is that Millennials are comfortable using technology to manage their own planning.


How Can Advisors Connect with Millennials?


As you may have surmised, advisors who want to earn the business of Millennials have to be very proactive. And one way to do that is by utilizing technology. Although simply posting social media updates all day isn’t going to do much for you, making content marketing a key strategy for your business can work extremely well.


Since Millennials are comfortable searching online for answers to questions about their finances, producing content that answers those questions is a great way both to increase your visibility among this group, as well as to start building a reputation as a trusted source of financial advice.

How Can Financial Advisors Deepen Their Relationships with Clients?

How Can Financial Advisers Deepen Their Relationships with Clients?Although someone who’s new to this industry may assume that it’s all about the numbers, anyone who’s spent any amount of time working as a financial advisor will tell you that it’s an industry driven by personal relationships. While there are clients who will at first only be interested in returns, financial advisors who are good at their jobs will position themselves as trusted sources of advice. That means when clients encounter obstacles in life, they will turn to these advisors for help. Continue reading

How to Help Clients Understand the Importance of Inheritance Planning

How to Help Clients Understand the Importance of Inheritance PlanningAlthough people tend to think high-net-worth individuals are different, the reality is that the wealthy are much like the rest of us in failing to adequately plan for passing assets at death. While the natural human fear of mortality goes a long way towards explaining why so many people fail to plan for this event, it doesn’t change the impact on loved ones. When someone fails to plan for inheritances, it can create significant problems for heirs. Continue reading

That’s Great! So What? Who Cares?

That's Great! So What? Who Cares?by John R. Ingrisano, CLU


Great ideas are like secrets to success: Everybody has a dozen or so, and most don’t hold up well to the TGSWWC test (short for “That’s Great! So What? Who Cares?”). That’s also the mistake many agents and planners make when it comes to their presentations. They waste a lot of time in the interview covering a laundry list of features and benefits that the prospect either already knows about or, just as likely, cares nothing about. Continue reading