The millennials we work with are often the adult children of current clients. In addition to the potential for inherited wealth, a lot of these second-generation clients are independently successful in their own right. Working with them early in their careers provides opportunities where we can help them start planning for the future immediately and build a relationship that deepens over time.
Advisors looking to cultivate clients in this demographic need to be willing to put in the time to give them a basic financial education. Then over time, as the client becomes more knowledgeable, the advisor can introduce more complex planning strategies and recommend more sophisticated solutions.
But the biggest challenge in attracting the next generation of clients is getting over the hump of their preconceived notions of what a financial advisor is, what we do and who we do it for.
Jeffrey P. Mattonelli is a financial advisor with Van Leeuwen & Company (VLC) in Princeton, NJ, serving VLC clients and members of Rembrandt Society helping them plan their Life Visions and investment needs.