5 ways to understand millennial clients

Coming of age during the recession, laden with school debt and unable to find jobs that match their qualifications, millennials are skeptical about their financial futures, reports CNBC.

That doesn’t mean you should write them off as clients. Instead, you need to understand what they want from a financial advisor, and how to get them enthusiastic about investing.

Read: Advising Gen Y

While older investors are motivated by fear, younger investors respond more to greed. So stop telling young prospects about how bleak their finances will look without planning, and focus on how you can help them grow what they have, CNBC reports.

And don’t assume that millennials are debt-ridden because they’re over-spending. This generation is taking advantage of “life-hacks” to help them save, like using a car-sharing program instead of buying a new set of wheels.

Millennials also have fresh ways of looking at retirement, success, and human interaction.

Read more here.

Also read:

Wage gap narrowing as Millenials demand gender equality

Gen Y struggles to save

Are Gen X and Y too confident about finance?

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.