If you’re a financial advisor intent on building a sustainable, growth-oriented practice, marketing to Millennials should be a top priority. But that doesn’t mean you can (or should) market to Millennials the same way you market to their predecessors, Baby Boomers and Generation X. The generation born between 1981 and 1996 takes a very different approach to evaluating service providers, so advisors need to adapt if they want to ensure the viability of their practices for the long term.

Why marketing to Millennials is such a big deal

We all know a massive transfer of wealth is getting underway, with an estimated $170 trillion expected to change hands between 2022 and 2045 (see chart here). That’s right, trillions of dollars will be transferring from older generations to Gen X, Millennials and beyond. However, many advisors focus primarily on existing clients when they should be thinking:

“How do I reach the clients I need to acquire to make my business strong and sustainable in the future, not to mention the children of my existing clients?”

If you want to A). capitalize on the Great Wealth Transfer (who doesn’t?) and B). be a resource for Millennials and beyond, you need to understand what matters to clients ages 28-43 (age range in 2024 of those born between 1981 and 1996) and younger. Advisors also need to get a handle on how to meet Millennials where they’re at in the digital word and present themselves in a way that demonstrates the problem-solving capabilities and relevant financial know-how Millennials desire.

“We’re a different breed, and we’re judging you.”

These two key takeaways came up during a conversation InsurMark Virtual CMO Jack Martin had with Diana Cabrices, a Millennial and Fractional Chief Evangelist for B2B WealthTech Brands. While the two covered a variety of marketing topics during a recent The Breakthrough Advisor Podcast, “Harnessing Fintech Innovation For 2024 Marketing Success,” marketing to Millennials is something Cabrices believes advisors really need to pay more attention to.

When it comes to being a different breed, Cabrices says it’s critical for advisors to consider that Millennials grew up in a very different world compared to Boomers and Gen X. That’s because those life experiences inform how they go about finding someone to entrust with their finances.

As Cabrices explained, “We grew up on the computer and the internet. We do a lot of research and are judging the professionals we may want to partner with. We know we need their help, so we’re judging online. It doesn’t have to be judging in a bad sense, but we want to make sure you have that digital street cred. I cannot stress that enough. So, if you haven’t already expanded your digital strategy for the year 2024 and beyond, I highly implore you to do it, take it on.”

Other unique life experiences distinguish Millennials from the generations before and after

According to Pew Research Center, which often reports on generational differences and tendencies, there are other experiences Millennials have had during their lives that distinguish the generation from Boomers and Gen X, as well as the generation that follows it, Gen Z.

Along with the fact that Millennials are a more racially and ethnically diverse adult generation than Boomers and Gen X (Gen Z is even more diverse)—who also grew up when the internet exploded—the generation came of age and entered the workforce at the height of an economic recession. This is another critical factor advisors should consider when developing their marketing plans.

“As is well documented, many of Millennials’ life choices, future earnings and entrance to adulthood have been shaped by this recession in a way that may not be the case for their younger counterparts. The long-term effects of this ‘slow start” for Millennials will be a factor in American society for decades,” Pew Research says.

Building “digital street cred” is a necessity for advisors: How to get started

Create niche specific content and distribute it on digital channels Millennials trust.
One tactic successful advisors use to authentically connect with Millennials (and Gen Z) is distributing content on social media that is focused on problem solving. And get this, research by Forbes Advisor revealed that 79% of Americans ages 18-41 have turned to social media for advice on financial matters, with Reddit and YouTube being the most trusted platforms for financial advice.

During the aforementioned podcast, Cabrices and Martin referenced an advisor who is “killing it” online with videos that directly answer his target audience’s burning financial questions. Thomas Kopelman regularly publishes content on YouTube and Twitter, all specifically tailored to his niche, 30-50-year-old entrepreneurs. He’s creating such great content that’s he’s booked with appointments several months out.

Build a thoughtfully designed website bolstered by SEO.
While creating great content is critical, those Millennials who are doing their research online (and judging you) also expect you to have a professional website, along with your social media profiles. If you don’t, that will knock your digital street cred down a considerable number of notches.

If your website is easy to find via the search engines, that will do even more for your digital street cred. At InsurMark, we make it easy for our advisors to build customized websites that are optimized for search. The tools to build a search optimized website are readily available, and it’s well worth the investment if you want to get noticed and get contacted by Millennials who are looking for your help.

Your website should also include content and images that your niche can identify with. Just like the online videos mentioned above, content that references what matters most to your niche—the problems they need to address, questions they need answered—should be front and center.

Have a lot to say? Host a podcast or be a podcast guest
Hosting a podcast isn’t for everybody but if you have the gift for gab, sharing your words of wisdom in a podcast format is a great way to create a whole lot of content to share on the digital channels mentioned above. Not ready to commit to a podcast of your own? Seek out opportunities to share your expertise as a guest, then share clips from those podcast gigs on social media.

By the way, InsurMark believes so much in the power of podcasting that we partnered with ProudMouth (a digital agency that specializes in podcasts for financial advisors) to make it easy to get a podcast off the ground and spread your influence. Check out our blog on podcasting to learn more.

Need help kicking your 2024 marketing plans into high gear?

We can help! At InsurMark, we pride ourselves on providing the industry-leading products, technology, training, tools and support ambitious financial professionals need to build sustainable 21st century retirement income businesses. If you’d like to learn more, please contact us for details. You can reach our office toll-free at (800) 752-0207 or connect with us online.

As an ADO – Advisor Development Organization™, InsurMark provides solutions to meet the ever-evolving needs of financial professionals with a mission to protect and enhance the financial security of every home in America.