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Expand Your Client Base to Include Young Investors

If you are anything like me, when someone mentions Millennials, your thoughts range from a snicker to cringe, thinking that the fate of the free world will lie in their hands. I mean, there is no way that they are as competent or capable as the Baby Boomers or even Gen-xers, right?

However, my eyes were opened, and opinion shifted, during the "How Can Advisors Engage Millennials in Retirement Planning" session at the recent 30th Anniversary NTSA Summit.

Not only did Lisa Greenwald, the presenter, debunk several myths about Millennial behavior and back it up with significant data, she was also able to posit why your practice should include the members of this generation.

While Millennials’ methods and approach to understanding retirement planning might be different from that which you currently know (they do a lot of their own research), the end need is the same. In fact, millennials are really like most of our clients today. They know they need to save for retirement and not rely on employer funded plans, they firmly believe they need help doing it and they are unsure if they have enough money to work with an advisor. And two of the best pieces of information to come out of the presentation were that: (1) the vast majority of them are of working age and (2) they will likely work with the financial advisor they meet in the workplace.

Keep in mind the insights from this presentation. They very well may help you to expand your client base into the youngest generation of investors.

Christopher Zingaro is Head of Marketing & Business Development for ABMM Financial.