Increasingly, financial advisors I work with are looking for ways to attract younger clients. Sometimes it’s a junior advisor who is trying to build their book. Or, it’s more seasoned advisors wanting to add longevity to their assets (as older clients are in the distribution phase of their plans). Whatever the reason, this can be a smart move for your firm.
Rejuvenating your website is often a great place to start marketing to millennials (and young Gen Xers). There are three things every financial advisor must consider when tailoring their site to this audience. The ideas provided assume you have taken the time to segment your audience and understand their specific needs. With that in mind, read on!
#1: Video
Get ready for your close-up. If you want to start to form a personal connection and a foundation of trust in a virtual environment, video is essential. Despite its obvious power, video is an underutilized financial advisor marketing tool. It’s likely a matter of cost and complexity. However, a great video will have meaningful ROI for your practice, especially as you target younger clients.
There are two types of videos that will help you with younger audiences:
1. Talking head. You should have at least one video featuring you (and/or your team) saying hello and succinctly explaining what you do for this audience and why they should choose you (i.e. your differentiated value prop).
2. How-to. These are optional, but powerful. If you want to educate your younger audience (something they need and want), include short, animated how-to videos on your website.
Your videos should be:
• Brief. Shoot for under two minutes for any format.
• Engaging. Include interesting visuals and minimize text in concept videos.
• Audible. Sound quality is critical to a good viewing experience.
Both of these types of financial advisor marketing videos can be outsourced, but the how-to format is easier (no on-camera time).
#2: Blog
A handful of financial advisors I know have developed and maintain strong content marketing plans, which include a website blog. Why only a handful? Because it’s not easy! Successful advisor bloggers are either delegating this job to a junior advisor or member of their support staff or working with a marketing firm.
Regardless of “how” you get it done, a blog helps financial advisors market to younger clients in a few ways:
1. Millennials need handholding when it comes to financial concepts. Blogs educate.
2. Younger investors don’t trust or understand industry jargon. Demystify jargon on your blog.
3. Blogs help with your SEO, making it easier for you to be found (by everyone).
4. Younger people respect and read blogs (“celebrity bloggers” are an actual thing).
Tip: Make sure you can regularly create relevant content before you add a blog to your site.
#3: Great Online Client Portal
While your older clients may prefer to call or e-mail about their account questions, younger investors are used to accessing information on the Internet around the clock. Not only is the idea of 9-5 antiquated, waiting for answers (that could be provided online) is not tolerated. If you don’t have user-friendly, 24/7 account access available on your website, you may be at a disadvantage.
Some financial advisors are initially turned-off by this instant-answer expectation. However, consider the timesavings created by not having to take calls or e-mails about basic information that can be easily accessed online. Make answers to common questions readily available on your website and within your client account portal. Anticipating questions and needs is a winning financial advisor marketing strategy, regardless of the audience.
Tip: If you’re unsure which features or content younger prospects want—ask. Most love to share their opinions (as evidenced by their obsession with social media, online reviews, blogs, etc.)
Move Forward!
You have some ideas on where to start, so move forward. Work with a financial advisor marketing firm that can help you learn how to DIY and/or provide strategy, content and production of effective deliverables aligned to your brand and audience.
Nicole Miller is the founder and chief happiness officer of Advisor Forward Marketing & Consulting.