Why working with millennials is not all about the money.
Updated: Oct 9
Original article by:
WEALTH PROFESSIONAL
November 12, 2021
📰 Read the FULL ARTICLE here.
I spoke with Wealth Professional about what advisors should understand when working with millennial clients. Here are the highlights and my contributions.
Key Takeaways
Millennials make up about a quarter of Canada's population, are building their own wealth and stand to inherit more through the coming intergenerational wealth transfer.
Research from The Decision Lab, funded by the FP Canada Research Foundation, found that many millennials see money as an expression of their values, such as inclusion, social justice and climate action.
Building trust, tailoring services and being thoughtful about digital touch points are key to engaging millennial clients.
Many millennials work in precarious industries or the gig economy, carry high levels of debt and lack workplace benefits like health coverage and pensions.
Homeownership is still a goal for many, but it's becoming harder to reach.
My Perspective
I specialize in working with millennial clients, and their priorities often look different from those of older generations. Income can be less predictable, debt levels are high, and many don't have workplace benefits to fall back on.
"A lot of times, with millennials, the focus is on helping them find stability in the near-term, reducing debt and building a buffer for potential gaps in income."
Originally published in Wealth Professional by Steve Randall on November 12, 2021. Use the link at the top of this post to read the full article.
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