1. Have the desire to work with the young generation. Aspiring to connect with new potential clients is the first and most important step. Understanding their financial challenges such as student loan debt can be a stepping-stone to a mutually beneficial business relationship.
2. Educate on how to set up a retirement account. Recent studies have indicated that millennials often lack a level of education in finance. This in turn may result in poor financial decisions. Here are a few interesting facts which are mentioned in the study:
- When tested on financial concepts, only 24% of millennials demonstrated basic financial knowledge.
- Nearly 30% are overdrawing on their checking accounts.
- In the past five years, 42% of millennials used an alternative financial services product (Payday loans, pawnshops, auto title loans, tax refund advances, rent-to-own products).
- At least 54% expressed concern over their ability to repay their student loans.
- Over 20% who had retirement accounts took out loans or hardship withdrawals in the past year.
- Only 27% are seeking professional financial advice on saving and investing. (Source)
3. Use modern ways of communication to stay in touch with your potential clients. Being up to date on new tech, new social platforms and current trends, which the generation follows, is necessary to stay ahead of the competition. Be sure to read: How to Start (or start over) with Social Media Marketing as a Financial Advisor
4. Find ways to keep it interesting. Try to visualize your reports by adding graphs and images to it, to make it simple and entertaining; use animated graphics and videos for marketing. Remember that all of our 401kFiduciaryOptimizer clients are entitled to have a free bonus custom 401kFO video for plan marketing with their contacts and logo in it. You can learn more with a personal tour: