Fox & Hare co-founder and adviser Glen Hare said advisers needed to “lead with education” in engaging Millennial clients, as many were still unsure as to what service an adviser actually provided.
“Getting millennials in the door starts with breaking down the perceived notion that one needs to be old and rich to get financial advice,” Mr Hare said.
“It is imperative that you show clients the sooner they can make smarter financial decisions, the far better off they are going to be in the long run.”
Mr Hare explained the firm used a range of social media platforms to acquire clients including Facebook, LinkedIn and Instagram.
He said it was important the content used to attract potential clients lined up with the target market groups were hoping to acquire, in terms of a lack of jargon and educational focus, and images of younger, diverse consumer groups.
Once clients came on board, Mr Hare said the firm’s digital presence constantly emphasised education, through blogs, virtual events, YouTube videos and social drinks events to learn more about managing money.
Mr Hare said millennial clients responded to a focus on goals and values, which was then backed up through constant tracking using apps.
“By exploring goals early on, you help clients understand that it is a balancing act between living now and planning for the future,” he said.
“From the start we engage our members in a goals and values session by asking them to imagine what their next 12 months, five years and beyond looks like. Clients will have a ‘light bulb moment’ when you connect the dots and use modern technology to demonstrate how your expertise in balancing these levers will enable them to achieve their goals.”
The advice group used a series of client-facing apps including Wealth Portal, interactive spreadsheets and its own branded app to keep clients accountable, as well as being tech-enabled in the back end through connecting productivity tools such as Calendly and Docusign.
“These apps help advisers better connect and deliver a more engaging experience for younger clients,” Mr Hare said.
Glen Hare will present at ifa’s Business Strategy Day 2021 on 30 March. Click here for more information and to secure your place to this virtual event.
Totally agree that the earlier someone begins a relationship with their financial education and ideally and adviser, the better off they will be, but with all the current regulation and compliance, I can’t put together simple rollover advice end to end for less than $3,300, let alone the more comprehensive advice a younger person is likely to need in regard to super, personal insurances, debt, cash flow, saving/investing, etc. Let alone gearing advice, which is likely the most suitable long-term strategy for their wealth creation both in and out of super.
How does anyone manage to BOTH provide proper advice (not just piecemeal yes man advice) to younger clients AND do so without carrying a loss on said advice for a number of years until the client can pay more?
I’m yet to meet many younger clients willing to fork out $5,500 for advice… And I’d love to help them, but their “old and rich” competition (for my time and effort) happily fork out $5,500 for what is comparatively straight forward (often less comprehensive) retirement advice – with ongoing service/revenue…
A great starting point would be for the regulators to make initial advice deductible so those youngsters earning $100k a year could write off a third to a half of the cost straight up. After all, those people getting advice young will save the Government a bazillion bucks later on by being financially self-sufficient throughout their lives, especially in retirement, and likely paying more tax through greater wealth accumulation too!
The key to reduce the burden on our future welfare system is to help the young become financially independent, yet there’s no incentive for them to do this, nor much ability for us to help them profitably either!
Sorry, why is this under the heading of news.