Five Cost-Effective Strategies to Reach Millennials

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Millennials are quickly redefining what it means to market advisory firm.

Not only are they projected to become the largest generation in the United States by 2028, but they also possess more wealth on average than any other generation. And advisors are taking notice. In 2016, only 50% of millennials said they had an advisor. A mere four years later in 2020, that number had grown to 75%1.

Millennials are the next generation investor. To remain competitive, advisors need to implement methods to appeal specifically to this audience.

But how exactly do you do this without adjusting your entire marketing strategy?

Here are five cost-effective strategies advisors should use to reach Millennials:

  1. Create more personalized communication

A recent study from YCharts examined advisor communication methods and discovered three key desires shared by current and future generations:

  • Clients, across the board, want to be engaged more by their advisors.
  • Communication should be personalized to meet the client’s needs.
  • Email is by far the most preferred communication method.