But staggering figures from Canada Life reveal that 19% of firms don’t actually want them as clients.
The raw data provided by the insurer offered no insights as to why this may be the case, but two potential reasons spring immediately to mind:
- they don’t have enough money and,
- they expect too much in terms of technology and service.
Embracing the change
There are, however, four-fifth of firms that do want to attract young clients. And they have different ideas of how best to do it.
The Canada Life survey of 185 UK advisers, who could pick more than one answer, found 35% would change their marketing approach to increase the use of tech and social media.
Some 33% also said that they would provide a more technology-based service rather than face-to-face, while 28% would create an inter-generational strategy around working with existing clients.
A more confident 24% don’t believe they have to change their strategy at all.
Not one single answer
Neil Jones, tax and wealth specialist at Canada Life, told International Adviser: “’Millennials’ may be a catchy marketing term, but there’s also clear indications that – generationally – we’re looking at a different mindset when it comes to investments.
“There’s an emerging group of clients who are always online, expect real time responses and maybe a degree of DIY when it comes to financial calculations.
“Matching the right approach to the right client may become even more important in a future where a face-to-face meeting isn’t the default approach.
“The results of this survey reveal that there is not one single answer to attracting younger clients, but a series of changes.”