As the Great Wealth Transfer proceeds and Gen Z enters the workforce, it is imperative for advisors to engage with more Next Gen clients and prospects. The younger generations, including Gen Z and millennials, have distinct attitudes, habits and financial needs that financial advisors must meet if they are to maintain strong, growing businesses in the coming years.
To learn the best marcoms strategies for advisors to reach prospective Next Gen clients, we spoke with Marie Swift, Founder and CEO of Impact Communications; Chris Sullivan, President at Craft & Capital; and Tina Powell, Partner and Chief of Community at Intention.ly.
We asked each of them: What are the best marcoms methods for advisors to reach prospective Next Gen clients?
Their responses follow.
Chris Sullivan, President, Craft & Capital
For any firm eager to engage with more Next Gen clients and prospects, one of the first things I suggest they do is hold up a mirror and take a good look at the people they’re putting in front of these younger generations. If what they see is a collection of faces that would look right at home on a reverse mortgage flyer, it’s probably time to think about who on their team better fits the “Next Gen” description themselves and how quickly they can be positioned as effective communicators and ambassadors for the brand.
Firms that do this well give their younger colleagues a voice and the opportunity to use it. Yes, they focus on the basics of training and education as part of Next Gen advisor development. But they also encourage these younger team members to get active in their local communities, to make their philanthropic interests part of the firms’, to join boards, to speak up in meetings and bring ideas to the table. In short, to get out there and meet people who might share their interests and causes.
Effective firms also give these younger team members the chance to engage with another group that’s often eager to be heard: the children and grandchildren of current clients. Form those relationships early, find key common ground, and the opportunities for growth can be significant for both Next Gen advisors and Next Gen clients.
Tina Powell, Partner, Chief Of Community, Intention.ly
To connect with Next Gen clients, financial advisors need to step up their marcoms game with a strategy that’s as dynamic and digital savvy as the audience they’re trying to reach.
Next Gen clients are all about authenticity and relevance. That means your content needs to hit home with their everyday experiences. Think of Instagram Reels, YouTube Shorts, Facebook Stories and TikTok (if your firm’s ok with it) as your playgrounds. Whether educational, informative or just plain fun, your content should speak directly to their unique financial challenges and aspirations, showing off your expertise while building trust.
But it’s not just about the “what” – it’s about the “how.” Embracing digital tools is key. Personalized financial planning services, snazzy online tools and slick client portals make the client experience seamless. And don’t forget about the power of automated communications – email marketing and text messaging (compliance-approved, of course) keep the conversation going, ensuring each interaction is personalized and on-point.
Here’s the secret sauce: data analytics! Understanding what makes your Next Gen clients tick allows you to tailor your marketing efforts to be spot-on. Focus on creating memorable, value-packed experiences at every touchpoint, and you’ll build lasting relationships, driving loyalty and growth.
Bottom line? This approach, rooted in understanding and adapting to the next generation’s needs, keeps you ahead of the curve in the ever-evolving financial landscape.
Marie Swift, Founder And CEO, Impact Communications
While many wealth managers might instantly dismiss the idea of courting Gen Z clients, writing them off too soon could be a mistake. Born between 1997 and 2012, young adults stand to inherit significant wealth when their boomer parents pass on.
Morning Consult, a data-decision intelligence company, reports that 35% of Gen Zers spend over four hours a day on social media. By comparison, only 19% of U.S. adults spend that much time online – showing the generational differences in social media use. Gen Z likes to be online and YouTube, Instagram and TikTok are their platforms of choice.
More importantly, Gen Z actively seeks out new brands more than any other generation of consumers.
How to reach them?
Create videos that have a fun hook, yet integrate financial education, career advice and better living ideas in a seamless way. Use a mix of personal and professional posts to show them that you share their values. These Next Gen clients are quick to rule out anything that feels forced, so make sure your content is helpful, visual, snackable and genuine.
Leverage influencer partnerships: renowned experts, thought leaders and popular personalities. By collaborating with them, you can leverage their credibility to enhance your own. And don’t be afraid to partner with Gen Z influencers, too. Whether it’s co-hosting webinars, featuring them in your content, or collaborating on social media campaigns, these partnerships can significantly boost your visibility. Their endorsement can serve as powerful social proof, making you the go-to advisor for their audience.
Jeff Berman, Contributing Editor and Reporter at Wealth Solutions Report, can be reached at jberman@wealthsolutionsreport.com.
