On a recent episode of the ifa Show, Helen Baker discussed working with Millennials and said their needs are very specific, including being more inclined to take digital advice over face-to-face meetings.
“They’re really about technology and short and sharp,” Ms Baker said.
“They’re very time poor usually.”
Ms Baker said that there are Millennials who are interested in seeking financial advice but given their preferences, current processes make it a challenge for both the client and advisers.
“The issue is our processes are very long and can take quite a long time to get through the stages we have to do,” she said.
“I think there has to be smarter ways to do it… are there simpler ways to give the advice? Can we just do letters of advice?”
It comes after certified financial planner and the founder of the Savings Squad Podcast and My Money Buddy, Adele Martin argued that advisers must think outside of the box when working with younger people.
“Having different branding or even someone in the office that’s more of a specialist, but ideally, different branding so that you can make that distinction or at least someone in the office that’s an expert with people under 40, I think that will help,” Ms Martin said.
Listen to the full podcast with Ms Baker here.
Ms Baker & Martin only know too well that current legislation requires personal financial advice to be provided initially by way of SOA & subsequently ROA’s. Both have built up their businesses via media profile which is a credit to them. Ms Martin offers a 6 week coaching/training course for consumers to use. This is not personal financial advice provided by her & thus avoids the paper & regulatory warfare the rest of the industry contends with
It doesnt matter how much it costs….millenials don’t want financial advice in the way it is currently delivered.
No one wants to follow the overly convoluted red tape and that especially applies to clients. Will tech solve the issues of bad legislation? I doubt it. Fix the legislation!
If I had to choose between working with millenials that were only willing to spend $1,500 a year or Gen X/BB that were OK to spend $6-10,000, I know which group I would be targeting my efforts towards.
I’ve learned over the years time poor people that aren’t willing to invest in my processes usually end up at Soup Kitchens. It’s very hard to compete with a 16 second Tik Tok session when current legislation requires me to get clients to sign multiple documents just to charge a fee. Technology can’t compete with bad legislation and multiple layers of Government bureaucracy.