Two ways millennials can make—or break—your business

At 70 million strong, millennials account for the largest cohort of the US population. Whether you are talking about recruiting top talent or new clients, focusing part of your offering on this generation of 20 and early 30-year-olds is important for financial advisers.

Who are these millennials? What do they want?
Numerous studies have been cited industry-wide and financial services thought-leaders have shared their insight to provide a pretty a clear picture of the “typical” millennial.

•They lived through the 2008 financial crisis and watched their parents struggle with hardship.
•They tend to be more conservative and have a better understanding of the importance of saving than Baby Boomers.
•While well-educated, many are saddled with student debt.
•Many are risk averse when in comes to the stock market and home ownership.
•Most millennials don’t believe Social Security will be around by the time they retire.
•The are technically savvy and self-directed. (They do their research). They are also used to the efficiency afforded by technology
•Accustomed to sharing personal events and thoughts on social media, they expect transparency and are skeptical in its absence.
•On the whole, millennials want their work to have “meaning”, are entrepreneurial as well as collaborative and value work-life balance.

Attracting Millennial Clients
Savers who are gun shy about investing in the stock market can translate into a solid long-term client base for financial advisors. While most advisers we’ve talked to fundamentally understand the importance of retaining the great wealth transfer which will be passed down to millennials, they still seem to “forget” about attracting these yet-to-be-wealthy clients in their marketing strategies and networking endeavors.

Millennials do their research online. Always. It’s simply second nature to them. They will Google terms like “best local financial planners” and “financial adviser you can trust”. If your name is referred by a parent, friend or colleague they will look you up online before picking up the phone. Meet them at an event and they’ll probably check out your firm on their smartphone before they leave the building. Make sure your digital presence speaks to them and that your website goes beyond “saying” you are the experts. Instead, demonstrate your commitment and expertise with millennial-focused content.

Do you have millennials working for your firm? Are they represented on your website and in your marketing campaigns? For investors looking to save the next 50-60 years, they are certainly going to wonder what happens to their retirement plans when you retire long before the do.

Recruiting Millennial Advisers
From a hiring and recruiting standpoint, a generation of entrepreneurial employees who want to make a difference should be easy to cultivate. Contrary to popular belief, the financial services industry is more about relationships than math and numbers. This career provides professionals with the opportunity to help people achieve financial security, plan for retirement, educate children, support loved ones, contribute philanthropically and perhaps leave a legacy for the next generation.

When hiring millennials, emphasize your firm’s philosophy on client care. Provide them with a formal career path and offer the opportunity to learn many parts of the business. Show them how they can contribute to the success of the company and how they can make a difference in the lives of your clients.