Financial advisers must think outside of the box when attempting to lure a younger clientele, and while technology is key, serving up different branding could also play a major role.
Speaking on a recent episode of the ifa podcast, certified financial planner and the founder of the Savings Squad Podcast and My Money Buddy, Adele Martin, revealed an important truth: “[P]eople don’t want to come to their mum’s and dad’s financial adviser.
“That’s just not cool”.
And while it may not be cool, it’s a truth advisers, who are interested in snatching a piece of the greatest wealth transfer in history, must face.
“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.
The other thing, she noted, is becoming invaluable to both the kids and their parents.
“Having that conversation with the parents about who are your kids. These are the ones that actually have to pick up the pieces if something was to happen,” Ms Martin said.
Ms Martin believes in meeting the kids and helping them understand their obligations before the inheritance takes place.
“I think that’s a valuable service to the parent, it’s also a valuable service to the kids and it also gets you in front of the kids,” Ms Martin said.
“What we know as advisors, but most people don’t know is that when you get a will, there is no list of assets attached. Just because you’ve got a will does not mean that everything’s sweet and set up.
“If we can be proactive, add value now, then when that inheritance does happen, we’re the first protocol that they want to come to.”
To hear more from Ms Martin, click here.
And what does she base this on? Maybe they just don’t want to come to her? I get many cross generational referrals
Most inheritances will go to the 40-60 year old group anyway, so not sure of the need to cater to the under 40s.
i don’t understand financial planners trying to get recognition from their peers what’s that all about.
Who would want to work with a millennial anyway…….short attention span, knows almost everything already, the long game doesn’t appeal at all as everything has to happen straight away, no experience with interest
rates and inflation greater than about 3% max and a derogatory approach to anyone over 40-45 who may be able to impart some life knowledge and provide some valuable advice.
Sure…they will be the valuable future but you have to put up with them now to get there and that is one painful journey.