4 Tips for Advisors in Engaging Millennials

In compiling the Proving Wealth report, we identified four ways that advisors can strengthen and expand their relationships with ultra-high-net-worth (UHNW) Millennials.

Help them structure their engagement in family decision-making.
A number of UHNW Millennials made clear they were uncertain about how to engage with family members on topics of interest to them. A key service that advisors can provide is explaining policies and procedures that Millennials can introduce to have productive family, board and committee discussions on financial decisions.

Offer personal and holistic recommendations.
It’s important to avoid assuming Millennials think and behave in the same way previous generations do. Helping Millennials find ways to discuss impact investing with the entire family – and ensuring they can specify how these investment practices can address the family’s broad needs – will help the younger generation raise their profile in the family’s wealth management discussions.

Nurture relationships.
Building relationships takes time, and the connections made now may not reap immediate results. Still, Millennials are already sitting on family boards and committees. While they are not yet involved in broad strategic decision-making, they eventually will be. They are likely to value and remain loyal to advisors who support their interests and efforts from the early stages.

Engage with them on their terms.
For younger generations, there really isn’t the same distinction older generations might make between the digital world and “real life.” It is all a continuum for Millennials, so advisors should be comfortable keeping in frequent contact with millennial clients across a range of media, customized to the needs and preferences of their clients – at least quarterly or semiannually.

millennials rate their advisors

Source: OppenheimerFunds & Campden Wealth
1. SRI stands for Socially Responsible Investing
2. ESG stands for Environmental, Social and Corporate Governance.

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