Millennials commonly appear to be less wealthy and less loyal to brands but still willing to favourably value face-to-face contact and technological capability. But you have the opportunity to forge long-term relationships with future inheritors, wealth builders and auto-enrollers. Although belonging to a highly digitally competent generation, it is recommended to offer a preferably hybrid solution, which means differentiated services to attract and retain Millennials on a cost-effective basis.

Engaging with existing family clients will be crucial in order to educate the next generation on investing and on your firm, as well as offering educational event and online accessible information to the overall industry. Also, Millennials will be way more attracted to a strong brand, therefore a decisive action will be strengthening your brand in terms of purposes, alongside with ensuring potential clients know where to find you.

Additional steps will be looking for opportunities to engage and provide nuggets of information. Not to mention lowering perceived barriers to entry for “smaller clients” with lower minimum amounts and clearly defined products and price points; or lastly addressing the need to balance property and longer term investment priorities with outcome funds and links to financial planners.

Nowadays Millennials expect to engage with seamless and secure technology, hence why it is essential to make sure your firm can effectively convey such service and use it to lower costs, delivering quality, along with tailored and value-for-money professional solutions. Enhancing testing, feedback, constant data analysis will be moving the needle in terms of optimising communications with potential and existing customers. Down this road, organisations will soon experience the urgence of undergoing digital transformation and adopting new technologies such as cloud computing and artificial intelligence.