4 Ways Advisors Can Use Technology to Attract Millennials

4 Ways Advisors Can Use Technology to Attract Millennials

We’ve all seen the headlines: the greatest wealth transfer in human history is coming and predictions say that financial professionals could lose as much as 90-95% of their intergenerational clients once the dust has settled. As we prepare for this generational shift of assets amongst clients and prospects, a key success factor for advisors will be their ability to engage and attract new Millennial clients while at the same time retaining the business of the Millennial heirs to the existing Baby Boomer and GenX clients.

But the multi-million-dollar question remains: How can you better prepare your practice to weather this “winter is coming” moment in the financial services industry? My best advice: Embrace the technology that is necessary to bring success with this younger generation of investors. According to a recent study, Millennials learn differently because of their lifelong relationship with technology, and to speak their language, you’ll need to create your own relationship with technology. By engaging Millennials through the social platforms they use, you’ll create opportunities from these future challenges so that you can not only be prepared, but stay ahead of the game.


It’s easy to come off as hyperbolic when singing the praises of technology as a cure-all for the challenges facing the advisory community. However, when it comes to retaining clients or converting Millennial clients, it’s important to understand that technology is all about making a connection. Whether you want to utilize technology for marketing or managing your Millennial clients and prospects, engaging through the platform they’re using is paramount – especially since they’ve already completely immersed themselves. In order to connect with them, you must live in their world.

But the technological landscape can be daunting, even for the early adopter. One of the biggest challenges for an advisor who hasn’t started implementing strategies to attract Millennials is not knowing where to begin. In response, we’ve compiled four technology-driven practices that we see advisors using successfully to both pursue millennial clients and strengthen existing relationships.


  1. Be accessible. Millennials are always plugged in, so being able to communicate with them in real-time is essential. Advisors can quickly and easily provide clients with 24/7 access to their accounts through a mobile application.
  2. Have an authentic social presence. Millennials tend to do a lot of research before making a big purchase. They are constantly shopping around, looking for the best advice and research. It’s important to have a good online presence (including a website), to list your business on Google and to be active on social media. But it’s crucial to be active across all social channels to show that you’re accessible. By seeking out those practices best suited to your company – and in your “voice” — it can help maximize your engagement with both current Millennial and prospective clients.
  3. Be collaborative and flexible. Advisors should be capable of collaborating anytime, anywhere. Gone are the days of scheduling meetings on a quarterly basis. Instead, Millennials want to communicate in real-time through technology, including video chat, texting, and social media messaging platforms.
  4. Leverage technology to get personal. Millennials want to feel like they are understood on an individual basis, so creating personal relationships via tech platforms is extremely important. Use a CRM to track every detail about your clients, including their hometown, hobbies, and even their favorite sports team. Recording their habits can help you become more proactive in your digital interaction with Millennials. Tracking commonalities, patterns and trends among these clients and prospects is a must for efficiently addressing the challenges of marketing to Millennials as well as maintaining them as clients.

The more knowledgeable you are about trending technologies, the more resources you can use to attract and service younger investors. Although the time frame of the great wealth transfer does allow for a little trial-and-error in choosing which technologies will work best for you, the urgency of remaining a viable option for millennial clients is only increasing.  Now is the best time to begin transforming your business through technology to create a model that offers Millennials what we all seek: a deeper and more meaningful connection with clients of all ages.

Brian McLaughlin
Brian McLaughlin
Brian McLaughlin is the Chief Executive Officer at Redtail Technology, a leader in Web-Based Client Relationship Management solutions for financial advisors. Learn more at http://corporate.redtailtechnology.com.

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