Here Are Four Things That Millennials Look For In Their Financial Advisor
Let’s face it: millennials are not the sort of market that financial advisors have become accustomed to. And since they’re different, their advisors are going to have to change according to their needs unless they want to be replaced as well. Ever since the dot-com bubble and the 2008 financial crash, millennials have become weary of the financial sphere and are a lot difficult to involve in a certain proposition. They’re also more likely to invest in ideas that they think are beneficial to others instead of looking at their own personal gains. They aren’t solely interested in companies that are profit-driven and are concerned about fair wages and other social aspects which have become the driving force of many companies all around the world. Even a company like Apple is making sure that its chain is becoming carbon neutral which should give you a clear idea as to how important it is for financial advisors to ensure that millennial clients get what they want.
A Service-Oriented Mindset
Millennials aren’t going to simply sit back and take whatever you have to offer. They’re likely to expect you to care about what they have at stake, and you’re going to have to be extremely professional in your dealings. They’ll have done their research on what to expect from a good financial adviser, so it’s not in your best interest at all to give them anything less than the best you have to offer. Bare bones services aren’t enough, and you should try to go the extra mile by investing your time into every aspect of their financial lives, including their career choices and debt management. If you feel like you don’t have the expertise in a particular case, simply recommend someone who does – your clients won’t mind at all.
A Great Reputation
The only way you’ll have a great reputation is if you have great services. There isn’t any other way, and simply getting a whole lot of 5-star reviews to your name isn’t going to cut it anymore. Rest assured that millennials are going to do some in-depth research on you, and if they see holes in the story that you’re selling, they’ll look elsewhere.
Ease of Access
Meeting in your office isn’t really the best way to go about things anymore. You’ll have to be prepared to meet your clients at locations other than where you’re comfortable with, like a coffee shop or a restaurant. Besides that, your clients will highly value you if you’re able to communicate with them without having to meet face to face at all. You should be well versed with technology and have your phone on you at all times so that you can assist your clients no matter when they need you within your working hours. If you can have video conferences with your clients, you’ll set yourself aside from your competition and stand out.
Making Your Clients Feel Like They Matter
Not every client of yours is going to approach you with millions of dollars in their banks, but they could have that much one day, and it’s up to you to make them feel that way. By investing your time into your clients and helping them as thoroughly as you can, you’re increasing the chances of your own increased earnings down the line. You should make sure that your clients are valued the moment they speak to you, and that includes not charging them unfairly because they’re going to notice immediately and will most likely refuse to move forward with the meeting. Learn to retain your millennial clients and you’ll be making sure that you’re ahead of the curve a few years from now, letting everyone win.
Millennials are one of the least loyal groups of customers on the planet and won’t hesitate to switch to another advisor if they feel like their needs aren’t being met. Since they’re about to become the main source of revenue for financial advisors in a few years, it’s best for advisors like yourself to make sure that these customers are well cared for – otherwise, you’re sure to be replaced in a blink of an eye. Besides, these traits mentioned above are those that belong to any good advisor, so you should adopt them regardless of your client base.
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