July 14, 2020
How do Millennials Prefer to Receive Financial Advice?
Betterworth Team

With each change in generation comes with changes in preferences too. Now more than ever, technology has the most influence on younger generations on how they approach everyday activities, including their finances. In a recent study, it was found that 46% of millennials prefer to receive financial advice from FinTech websites compared to Gen Xers and Baby Boomers who showed minimal interest. It also found that only 25% of millennials would instinctively go for in-person expert advice on their finances if needed.

Which leads to the question; how can financial advisors conduct business with millennials if they fail to approach them? Following the tips below, you can expand your business online to reach the millennial generation.

1. Use a personalized approach

As millennials are key targets for FinTech robo-advisors, you will need to change your approach when advising. By offering what no robot can – personalized financial advice. Millennials are always looking for advice that they can apply immediately to their lives and they often want more than just a once a year update on their RRSP savings. This makes it crucial that you stand out from the crowd and become more flexible and accommodating with your recommendations. The value you offer is irreplaceable and once millennials catch on, they will see the true worth of your services.

2. Social Media and Websites

If millennials are online, why not join them?

With the growing importance of using networks, it is critical for you to grow your presence online using a variety of different channels. Using social media or personal websites are great advertising tools for advisors looking to capture more millennials and also new clients. Giving market insights, breaking news, or even personal stories can help to drive new prospects and keep you connected with your existing client base. Social media and personal websites help put yourself out there and you should use it to your full advantage.

3. Use Betterworth

Client-advisor matching platforms have proven to be effective on countless occasions in strengthening client relationships and bettering personalized financial advice. Using Betterworth, you will get the full scope of your client’s personality, risk tolerance, and financial goals, helping you understand your clients even better than they know themselves. Change the landscape of your business – use Betterworth to tap into new client segments and diversify your book of business.

Here at Betterworth, we recognize the value that both financial advisors and clients offer to a relationship to create a successful portfolio. 

So, with all the tools are waiting for you, what are you waiting for?

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