Finding & Maintaining Millenial clients
Millennials will inherit a great deal of wealth in the coming decades and the way they view and engage with the world are very different to their parents and most likely, your current client base.
As the first generation to be brought up with the internet and social media as a central part of their everyday lives they have had immediate access to large volumes of often competing information and are adept and therefore often prefer online interactions to face to face.
Being more informed means Millennials have a different expectation of professional advisers such as lawyers, accountants, and financial advisers. They are likely to be more demanding of information and will challenge what is provided to them based on what they have read online. However, what the internet does not provide (or least not yet via AI) is bespoke strategic advice that suits their own circumstances; or a meaningly relationship with their adviser/s that will endure beyond delivering of a single service or advice to meet an immediate need.
The risk for advisers working with Millennials is that they will struggle to build a long-term relationship with clients that they may never actually meet in person, and who are regularly searching on their own for solutions.
While the impact of AI is largely unknown and another topic of discussion, the issue of how advisers meet and maintain client relationships with Millennials is something every adviser needs to be thinking about. Some further reading on Millennials can be found here:
What Australia’s rising millennial population means for the future of philanthropy