Financial advisors have an opportunity to help new investors get their start in the market, according to Kelly Ryan, head of independent wealth management at State Street Global Advisors in Boston.

An unusual combination of events created by the pandemic may be opening a door for advisors, Ryan said in an interview with Financial Advisor magazine.

“Anecdotally, we know millions of new investors have been opening their first brokerage accounts this spring,” Ryan said. “These new market entrants present an opportunity for advisors to target young investors, demonstrate the value of advice and grow their practices.

”More investors, particularly young people, are opening their first brokerage accounts for several reasons: They have more time on their hands, they saw the downturn this spring create opportunities, and they are not spending as much money right now,” Ryan said. “But many of these new investors are self-directed. Advisors have to show them the value of advice.”

Technology now allows investors to trade easily and cheaply. In addition, ‘influencers’ on social media are touting self-directed investing, she added.

Advisors who are working with families should extend themselves to the younger generation and educate the broader family, she said. Those who want to attract younger investors when they are not working with the family should plan events to draw young people’s attention. Advisors should also make sure they have a good website and a strong social media presence, said Ryan. Having young staff members also can help.

Advisors need to tailor their events to each particular audience to attract the new investors, she said.

“Gaining these young clients can grow your business and create a client you will have for life if you can show them you can help secure their future,” she added.