When marketing to millennials, many financial advisors’ immediate thought consists of two words: “social media.” While that channel certainly has a role to play, marketing to millennials is a lot more complicated than that.

For one thing, depending on which channel you choose and your firm’s policies, there may be some compliance issues.

“The challenge for financial advisors is what forms of media are approved for use by your company or broker-dealer,” says Denise J. Nostrom of Diversified Financial Solutions in Medford, N.Y. “Are you allowed to use Facebook? Twitter? Instagram?” Snapchat, in particular, is growing in popularity among young people—but it isn’t approved for use by some financial advisors, Nostrom says. “A discussion with your compliance department will give you an idea which social media outlets you can use,” she advises.

But don’t ignore old-school techniques either, Nostrom says, including snail mail.

“E-mail in-boxes are cluttered, and their brains are overwhelmed with information,” she says, “so sending a letter in the mail or a flashy marketing postcard can be a way to get their attention.

“Many millennials are moving out of their parents’ homes and getting their own apartment. Getting mail in their new place will be exciting.”

Indeed, traditional prospecting still has a big place in the marketing tool kits of advisors trying to reach younger customers. But the message will be different, as will the medium. While financial advisors will probably always use free dinners and seminars to find new customers, they may have to update their thinking to attract millennials.

“Casual, enjoyable events, such as wine tastings, cooking classes and a volunteer outing or charity benefit can be effective ways to engage with millennial prospects,” says Bill McManus, director of strategic markets at Hartford Funds.

Likewise, referrals may play an even bigger role in bringing millennials into your practice. And the best referrals are their parents, grandparents and friends who are already your clients.

“Millennials put a lot of value on the opinions of their friends and family, so referrals from your trusted clients will go a long way,” says Quinn Waddington of Waddington Wealth Management Group in Vancouver, British Columbia.

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