Advisor will have very little chance of securing this elusive demographic unless they start sharing
Give and ye shall receive. But how many advisors are willing to give out free advice to prospective millennial clients?
“A typical advisor doesn’t want to be giving out free advice and in the end not being able to earn a commission,” says Syed Raza, advisor and director of marketing at LSM. “So unless they’re also doing wealth business they don’t want to go anywhere need millennials.”
But ignore this demographic at your peril. According to a recent report, millennials are now the largest generation in the Canadian workforce.
“Personally I don’t think that’s smart because there are so many millennials,” said Raza. “In their mid-20s they may not have a mortgage but by their mid-30s they probably will. We stay in touch with them all along so when they do buy their home we’re still there for them.”
Millennials crave immediate information with the power of social networks and instant search results, they can find out what they need to know easier than ever.
In order to reach millennials advisors have to take a different approach.
“Today's youth expect a ‘non-salesy’ user experience, where they seek the advice of an advisor, not the sales pitch of a salesperson,” said Raza. “A key strategy we have found to be useful is to create various forms of content that answer millennials' questions and directly address the issues that concern them. The key is distributing the content on platforms that young consumers are engaging on, appropriate to the platform. You wouldn't publish a post on LinkedIn the same way you would share content Instagram or Twitter.”
“A typical advisor doesn’t want to be giving out free advice and in the end not being able to earn a commission,” says Syed Raza, advisor and director of marketing at LSM. “So unless they’re also doing wealth business they don’t want to go anywhere need millennials.”
But ignore this demographic at your peril. According to a recent report, millennials are now the largest generation in the Canadian workforce.
“Personally I don’t think that’s smart because there are so many millennials,” said Raza. “In their mid-20s they may not have a mortgage but by their mid-30s they probably will. We stay in touch with them all along so when they do buy their home we’re still there for them.”
Millennials crave immediate information with the power of social networks and instant search results, they can find out what they need to know easier than ever.
In order to reach millennials advisors have to take a different approach.
“Today's youth expect a ‘non-salesy’ user experience, where they seek the advice of an advisor, not the sales pitch of a salesperson,” said Raza. “A key strategy we have found to be useful is to create various forms of content that answer millennials' questions and directly address the issues that concern them. The key is distributing the content on platforms that young consumers are engaging on, appropriate to the platform. You wouldn't publish a post on LinkedIn the same way you would share content Instagram or Twitter.”
