Wealth Managers Strive for New Methods to Reach Millennials

Leaders in all aspects of financial services have been pondering how to best reach the younger generation, a.k.a. the Millennials. Until now, it has been difficult, at best, to get today’s young, educated adults to buy into traditional financial services that have been popular for decades. Wealth managers have had an exceedingly difficult time reaching this demographic. To be sure, the young adults of today have a great desire to build wealth and to pass it along some day, but they are a bit hesitant to engage the assistance of wealth managers. Before financial firms give up altogether, though, they should take some time to assess the tools they have to compete with the other interests that might be competing for young peoples’ attention.

Data is a powerful tool that wealth management companies can use effectively. A recent report published by Accenture came to the conclusion that millennials are more determined than other generations, when it comes to creating and sharing wealth. Despite this interest, however, younger adults are not making use of traditional financial advisement services. Thus, financial firms are spinning their wheels when it comes to landing valuable, younger clients.

The question then is: How can wealth management companies begin to broaden their appeal and to get millennials more engaged? The answer is quite simple: these companies must make use of data and technology to wind the day. In recent years the volume of online wealth management firms has greatly increased. These new companies are sharply focused on engaging millennials. They offer digital services and provide new levels of access to personal financial data to their clients. These firms put emphasis on being transparent and to provide their customers with financial education services.

Even if a financial firm isn’t one of these “new kids on the block”, so to say, they can still make use of the existing technological tools and the great amounts of data to land younger clients. Here are a few tips that can help financial firms to create an experience that will attract younger investors.

Give Clients Access to Better Data

The best financial firms should be able to go above and beyond what their clients expect. This can be done by customizing data sets to provide clients with the financial data that will best serve their unique needs. The majority of people bank online these days, so there is plenty of digital information to use to help create customized portfolios that help clients to focus on their personal financial goals. More data, when used properly, allows both financial advisors to give their clients the best service imaginable. Today’s young adults want to learn as much as they can, and a good advisor can make use of available online data to provide that kind of education.

Improve Customer Service

To reach the younger client, it is important to provide the very best customers service. Wealth management companies must make sure that their staff members are focused on being friendly and helpful on the front-end of all transactions and appointments. Users today know that they have more choices than ever before, in every aspect of life, so they will not give their business to a company that does not dazzle them with helpful customer service from beginning to end.

Millennials may be challenging for some wealth management companies. But by making use of available data, online technology and good, old fashioned customer service, it is possible not only to attract more young clients, but also to retain them as lifelong clients.

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