Millennials have less trust in financial advisers than the previous generations.
The millennial generation is a booming and sometimes complicated age group to work with as a business or service provider, particularly when it comes to financial advice. With this generation comes new ways of thinking and new ways of approaching financial situations. This age of technological advancements influences how these young people wish to manage their finances and to cater to them, you and your business will have to adapt to an innovative mindset.
Work with their existing beliefs
Millennials have a pre-existing scepticism when it comes to financial advice. They tend to believe that financial advisors are trying to obtain their money rather than help them with it. To them, independent financial adviser fees, or fees for services from large companies, come with terms and conditions that they might not be able to identify or understand. As a result, your service fees need to be transparent when you approach potential millennial clients. By being open and honest with them, you will create a form of trust that they did not feel before and reassure them against their doubts.
Prove to be more reliable than technological advisers
When it comes to money advice and planning for millennials, bear one major factor in mind: they are more comfortable with the idea of trusting technology than another human being.
Many millennials prefer self-service methods such as smartphone apps, through which they can access advice for lower costs. As a financial adviser looking to cater for millennials, it is wise to incorporate the use of well-designed apps in your services along with your own clear financial advice.
Offer fair fees
The truth about millennials and their money is that many might not even be looking for an adviser to begin with. When they are, they have very specific requirements.
Firstly, they are not looking for the kind of advisors whom their parents would use. Instead, they want someone who is up-to-date with modern times and modern needs.
Secondly, they do not want someone trying to sell a product. On the contrary, this is a sure way to put them off your services entirely. By offering honest guidance rather than pitching your services, you will connect with their desire for an advisor who genuinely wants to help them rather than have comfortable access to their finances.
Lastly, millennials do not necessarily have an abundance of finances to begin with. While it is not always an option to offer services such as no-fee financial advice, you can adjust your usual fees to appeal to their view that life should not be as expensive as it seems.
In general, these tips will serve all clients well. For millennials specifically, you will need to tailor your services. In doing so, you will not only broaden your clientele scope but also ensure suitable services for the needs of millennials.
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