How to market financial advice to millennials

By Ryan Smith on August 14, 2018

Millennials are less trusting of financial advisers than previous generations.

While exact definitions of the term vary, “millennials” are increasingly making up the UK population. Reports suggest that they want to master investment strategies but are less trusting of financial advisers than earlier generations.

How can you best attract this tricky but potentially lucrative group of people, and what do you need to know about them?

The challenges of targeting millennials

  • They have little patience for complexity, valuing simplicity over lengthy instructions
  • They can lack brand loyalty and will take their business elsewhere if unhappy
  • They are not geographically loyal, so you are competing with financial advisers across the UK
  • They have grown up doing business online, valuing convenience and accessibility
  • A love of multitasking can mean shorter attention spans for each individual piece of content used in your digital marketing

The benefits of targeting millennials

You can turn many of these drawbacks around with a smart digital marketing campaign.

  • Millennials love quick and easy information and want expert answers
  • Their lack of loyalty means that you can grow your market share if you offer better service
  • No geographical ties mean that even small regional financial advice companies have access to the market
  • They research before making big decisions so are often ready to convert when you connect
  • Implementing an effective online business model will allow new clients to come to you

How to tailor your digital marketing approach

Growing your online presence and offering the highest level of customer service is going to be key in attracting this section of the market. Millennials want to know you before they contact you and will use social media networks and other online tools to find out more. Make this process easier by sharing your knowledge, incentives and success stories online. Encourage your clients to do the same to extend your reach and build your credibility.

Millennials are hungry to learn, so create an active, transparent and educational presence online. By answering their questions, you can narrow the trust gap and start to build long-term relationships. Make sure that you are responsive by replying to questions and comments promptly. Show that your service clearly values its current and potential financial advice clients.

Ensure that your content is quick to digest. Keep articles brief and easy to skim through and create videos that are short and to the point. Optimise your content so that it is easy to read on mobiles and tablets, keeping data requirements to a minimum to avoid long loading times.

Increase your visibility by using your website to post regular financial adviser blogs, videos, engaging social media, informative podcasts and a brief newsletter. Remain active with regular, original, relevant and educational content. Online marketing tools can help you identify search terms and analyse trends to see what generates the most interest.

Tailor your services to meet millennials’ needs. Does your website offer the ability to self-schedule appointments? Do you provide live chat, video conferencing or text message updates? Your aim is to make the process as accessible, fast, easy and digital as possible. Offer ethically responsible investments that appeal to these clients’ values.

At Lead Tech, we are experts in creating engaging online campaigns and connecting financial advisers with the right customers. Speak with one of our regional business development managers to learn more about how we can work together to grow your business.

Our markets

We generate high-quality leads a in a number of markets, including financial advice, retirement and pensions, equity release and private medical insurance.