Stop Ignoring Millennials: They’re The Future Of Your Company
June 30, 2015
By Lauren Hong
Corsair Capital was down by about 3.5% net for the third quarter, bringing its year-to-date return to 13.3% net. Corsair Select lost 9.1% net, bringing its year-to-date performance to 15.3% net. The HFRI – EHI was down 0.5% for the third quarter but is up 11.5% year to date, while the S&P 500 returned 0.6% Read More
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Millennials are bucking trends day-in and day-out. As of 2013, they’re officially the largest, most diverse generation in the U.S. As a financial advisor, you cannot ignore them. Here’s how to include millennials in your marketing plan.
First, take the time to understand the generation better so that you can tailor your marketing message in a way that speaks directly to them.
Who are the millennials?
Millennials were born between 1982 and 2004, making them anywhere from 11 to 33 years old today.
Millennials have a few notable traits that significantly set them apart from the generations that came before them:
- They’ve broken from tradition when it comes to families. Millennials aren’t in any rush; they’re marrying and starting families later. Of the 18-33-year old population, 26% are married. According to research from Pew shared on Huffington Post, 36% of Generation X and 48% of Baby Boomers were married during that same age range.
- They’re burdened with massive education debt. Easily qualified as the most educated generation – in part due to extreme costs, but also largely due to the Great Recession that killed the job market and encouraged graduate school – millennials are finding themselves with lingering debt.
- They’re less likely to be homeowners at a “young” age. Not forgoing homeownership altogether, millennials are waiting longer to make the move. The White House reports three factors at play here: the job market, continued education and delayed marriage.
- They’ve fundamentally shifted the way we communicate. Not only are millennials majorly influenced by technology, but they’re also the ones influencing the way technology develops – both as users and creators. Millennials were pioneers in social media and digital communication, turning the advertising and marketing world up on its head. They’ve given an entirely new importance to the terms “networking” and “communities.”
Millennials are a fascinating generation. Often assumed to be narcissistic, millennials simply grew up in a time of abundant choices, and they’re making the most of them. Why does this matter to you as a financial advisor? This passion-seeking, selfie-taking generation is, quite literally, the future of your company.
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