What Millennials Really Want From Financial Advisors

I’ve noticed nowadays that financial advisors are scrambling to find ways to serve millennials. This group is defined as those between ages 15 to 34 and born between 1980 and 1999. (Yes, I am part of this millennial generation.) Like all generations, millennials have unique qualities, quirks and preferences when it comes to dealing with (money and) financial advisors.

Here are a few thoughts.

“If the ‘financial advisor’ is trying to sell me products which are too expensive and not right for me, I don’t trust them.” 

#1 Solutions, Not Sales.

One of the most important things financial advisors need to know about millennials is that we don’t what to be sold to. Finding solutions is what’s important to us. This means that financial advisors MUST be good at identifying our goals (or problems) and how they can offer a solution to reach those goals (or problems.). We want someone we can trust, who delivers value and who gives a genuine personal attention. We want a genuine personal attention. Be helpful. Focus more on getting to know us including asking questions about our goals, concerns and habits. Working with us involves building trust and establishing a relationship. Personally, I am willing to spend my money on a (financial) product that a financial advisor offers as long as that addresses my goals and concerns.

#2 We Need Financial Advice.

Second, while there are millennials that don’t have high income, they still very much want financial advice about how to prepare for their futures. We want someone to call or text for advice when we come to decision points like: getting our financial lives in order, starting to invest, and when we have a major financial event such as buying a home, getting married or starting a family. Gaining our trust and loyalty (as early as now) can potentially start a relationship that will last into retirement and estate planning.

#3 We Seek Freedom.

Third, we treat money as a tool to attain life experiences. We aren’t thinking about retirement the same way our parents did. Most millennials want to save for and have a lot of mini-retirements. Put simply, millennials seek FREEDOM, be it financial or the ability to pursue their passions. Financial planning is about a lot more than just money. We all have our own unique goals and money is just a tool to help us accomplish them.

#4 Everyone is different.

Lastly, it’s important to remember that while our generation shares many similarities, we all want to be treated as individuals. It’s no longer safe to assume that working-age adults are only interested in retirement and investments. Financial planning for millennials can include: debt management (eg credit card debt), saving for travel, buying a home, budgeting for a wedding, budgeting for starting a family, or starting an education fund for a child. Everyone is different and requires a different approach.

YES, working with millennials offers both challenges and opportunities.

My advice to you: Millennials are SMART and AMBITIOUS. Most of us have the capacity to make great decisions; we just need a little nudging or some solid advice from the right people. Be a well-educated financial advisor. THE WORLD NEEDS YOU; MILLENNIALS (like me) NEED YOU. The financial planning industry needs to take on the unique needs of (us) young people seriously, because in the coming years and decades, we will become you BEST Clients.

{The is the second of a two part series about financial advisors and millennials and how they could mutually benefit from each other. Part One is “How to Deal with Financial Advisors” for Millienials. Part Two is “What Millennials Really Want from Financial Advisors” for Financial Advisors.}

7 thoughts on “What Millennials Really Want From Financial Advisors

  1. I have a close friend who works as a financial advisor and when I had a stable job and able to afford investments, I quickly chose him as my financial advisor. Knowing your financial advisor is important because you have that trust and relationship which is very important for us millenial.

  2. Naka-relate naman ako dito. Yung first kasi na nag-alok sa akin na kumuha ng plan, inalok ako ng malaki. So, inakala kong ganun lahat. Kaya tuwing may mag-aalok, nire-reject ko agad. At nasayang ang ilang taon ko dahil dun. Baka kumikita na sana plan ko kung nalaman kong may iba pa palang option.

  3. Agree with this article. Most millenials prefer to travel, rent and not own, and don’t feel the pressure to get married early. Which is totally fine. But they need to understand that time is their greatest asset when it comes to investing. Insurance is not only cheaper when you are younger, but the potential growth of the investment (VUL) portion is significantly higher when you start early.

  4. This is so true. But I’m just really glad that my financial advisor was able to convinced me to take a life insurance. At first, I don’t like agent being pushy to sell insurance but since this advisor is my friend, I listened. So she also explained to me well that I can still enjoy the lifestyle I want while saving and of course the importance on why I should get an insurance. I didn’t regret it.

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