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How to capture the attention of younger clients

This article is part of
Guide to retaining intergenerational wealth

Some businesses have also created offshoot digital services as a way to engage younger clients. Indeed, Richardson is one of six young employees who manage Informed Generation, his employer’s offshoot service for millennials.

“Informed Generation is a more relaxed approach, as our research indicates that millennials and gen Z are less likely to be receptive to a corporate tone of voice,” says Ellie Dickens, business development assistant at Informed Financial Planning, who also manages the service.

“Our research tells us that the younger generation want a fast-paced, digital and informal service, with as little communication as possible. Often, this generation is happy with regular text or email updates, and recommendations that are short, snappy and straight to the point.

“This also works on the business side of things for firms. Less face-to-face and telephone communication means costs are kept low, making the service profitable. This is an extremely important factor when millennials and generation Z want a low-cost service too.”

The goal of Informed Generation is to help clients’ children to start managing their money early on from an educational perspective, says Dickens. “But to also remind them that when the time comes for them to inherit their parents’ investments that we already look after, we are here as their financial advisers.

“They already know us and are aware of what we do, and ultimately, they turn to us to help guide them through that transition process.”

Simon Martin, managing director at Moreish Marketing, a financial services marketing agency, likewise says that moving straight to advice could feel intimidating. “Maybe there is a step before that of general education and opening up the conversation through relevant financial brands or advice firms.”

A younger audience does not want to be ‘sold’ to, adds Martin. “They can smell inauthenticity a mile off. Advisers that are invested in building strong relationships and actually care about the clients they work with, and [are] wanting to help the next generation from a genuine point of view, helps younger people see that financial matters can be a really positive enabler in their lives, and not something that they need to shy away from.”

Another business that has set its sights on a millennial client base is SpringGen. The business, which targets an audience of young professionals aged between 25 and 45, was founded by Jenny Madhoo after having to turn away millennials because services were not designed to meet their needs.

“We’re an offshoot of a pre-existing financial planning company, which is Acumen. Obviously there’s a pre-existing set of clients there of a more traditional financial planning client profile.