advising millennial clients

28 Jan 2019

A guide to advising millennial clients

Much has been written about how millennial’s are struggling with their finances. Many can’t afford to buy a home or start a family, while the group are also known to ‘live for today’ and not think about their financial future.

However, research has found that many millennials are crying out for good-quality financial advice. So how do you advise this generation? How can you add value? And how do you target them? Keep reading for your complete guide to advising millennial clients.

Millennials need help – but perceptions of financial advice need to change

Millennials are defined as those people born between 1980 and 2000. That means your millennial clients can be anything from their early 20s right up until the age of almost 40 – giving you a huge section of the population to target.

It’s simply not the case that millennials don’t want or need advice. Recent research from Barclays found that more than a third of millennials (37%) felt nervous about checking their bank balance and almost half lose sleep over money worries.

And, in contrast with the general perception of younger clients, just 17% of millennials surveyed by BMO Global Asset Management said that it was the purchase of non-essential items was preventing them from saving.

The problem facing financial advisers is one of perception. Research from the financial advice trade body, The Personal Investment Management and Financial Advice Association (PIMFA) found that millennials view the financial advice industry as inaccessible and expensive.

More than three quarters of those questioned thought they could only benefit from advice if they had more than £50,000 to invest, while a significant number wanted advice for their savings of £10,000 or more.

Five types of advice millennials can benefit from

Contrary to common beliefs, millennial clients do want financial advice. The BMO survey found that:

  • 21% of millennials would like to learn more about saving
  • 12% wanted advice about managing debt
  • 12% want advice about banking
  • 9% want to learn more about the purchase and sale of property.

So, advice that you can provide to your 30-something clients includes:

  • Debts – help clients tackle their debts and ensure they pay off the highest interest borrowings first
  • Saving and investing – build an emergency fund and take their first steps into investing
  • Protection – do clients have protection in place in case they are unable to work? Critical illness and income protection could be key considerations
  • Mortgages – are your clients saving to buy their first home?
  • Pensions – encourage millennial clients to start their pension savings early.

How advisers can market to millennials

As we’ve seen, many millennial clients are keen to benefit from financial advice. So how can you target these clients? Here are three ideas.

  1. Work with families

Research has found that millennials tend to look for parental approval. So, involving both parents and children from the start of the process can help you to engage with your younger clients.

For example, if your ‘parent’ clients are looking at lifetime giving, it makes sense to ensure the children are informed about the investment opportunities open to them.

  1. Use social media

While millennials have a distrust of financial institutions (formed from negative publicity over the last decade) they will trust you if you show a tangible financial professionalism.

Ways you can do this are to ensure your website is mobile-friendly, and to have a good social media presence. Using social media can help you to engage with millennial clients, and to provide informative and educational content.

You could also consider blogging and sharing this content. As well as increasing your visibility in search engine results (so clients will be more likely to find you), it also helps you show millennial clients that you have the knowledge and experience they are looking for.

Younger clients now seek answers through social media, blogs and YouTube videos from thought leaders in their field – which could be you.

  1. Be responsible and ethical

Millennials are the generation who are actively looking for businesses who are socially responsible and take an ethical view.

If you can demonstrate that you take this approach – perhaps through your charity work or through ethical investment options – you are more likely to appeal to younger clients.


If you’re looking to change networks, or join a new one, you can get in touch with us today. Financial Advice Network can offer you the expertise and tools you need to grow your business with reduced regulatory risk, optimum cost-efficiency and access to technology that can streamline your procedures.


By Lyba Nasir