The next generation of wealth has (almost) arrived. Millennials, whose ages are roughly 18-34, are the largest generation since the baby boomers, and by 2020, they are expected to control assets of up to $24 trillion.
Millennials are also the first “digital natives,” those brought up in the age of digital technology. The youngest of this group does not remember a time when living life digitally was not the norm. Most millennials do everything digitally, from buying groceries and clothes online, to vetting service professionals and the companies they work for. In-depth electronic information searches commonly inform and drive their purchase decisions. Indeed, when it finally comes to scheduling a face-to-face meeting with for example a financial advisor, most millennials already know everything about them; how long they’ve been with their firm, what college they attended, if they’ve been rated in any way, what their special interests are, etc.
For wealth managers to successfully reach millennials requires a new set of rules including the following:
1.Beef up your digital presence. Include time-saving electronic forms that can be completed prior to meeting face to face. Offer online assistance with live video chats. Consider creating a microsite dedicated to millennials, and blog about relevant topics such as what to do with an inheritance or how to start a company. Upload current marketing collateral to your website and make sure it’s downloadable onto all mobile devices. Utilize robust infographics to highlight and explain concepts in an easily digestible way.
2.Use social media. As a recent study by eMarketer and Corcapa 1031 Advisors reported, 80 percent of millennials are on social media, where they spend on average four hours per day. Take advantage of this opportunity and meet millennials on social media. If you are new to social media and its multiple platforms, a good starting place is LinkedIn. As you create or update your LinkedIn page, keep in mind that millennials value authenticity and experience. Try to make your presence personal and relatable to you and/or your organization.