From the Front Lines
How Financial Professionals Are Winning Millennial Trust
Millennials are no longer “emerging” clients—they’re a dominant force in today’s workforce and a central driver of the next wave of wealth.
That shift is forcing a rethink of how financial relationships are built. Traditional playbooks don’t always resonate with a generation that values transparency, relevance, and advice that reflects real life.
Across the industry, financial professionals are evolving how they build relationships with Millennials.
This collection brings those stories together. Drawn from real experiences in the field, these examples highlight how financial professionals are successfully connecting with Millennial clients.
Take a listen and see what you could learn from their approach.
Michael Kitces Financial Advisor Success Podcast:
Delivering Profitable Financial Planning to Millennials for a Monthly Retainer Fee
“When I was launching, the thing that I heard a lot was, ‘You can’t make any money off of working with young clients because young clients don’t have any assets for you to manage.’ And to me I thought it’s not a them problem, it’s an us problem. We haven’t figured out how to charge young clients.
Young clients are willing to pay for financial advice, they just haven’t had the time to accumulate the assets yet. They’re 30 years old, it’s not their fault they don’t have. $500,000 sitting in their 401(k), they literally haven’t had time. And so I really wanted to flip the model on its head.”
-Sophia Bera
You can approach millennials with the financial planning proposition… put investments and products over there… they’ve basically been commoditized.
What will never be commoditized is the advice tailored to a specific individual, bring in the relatability, that human element, that relationship component.
-Douglas Boneparth
The Investor’s Podcast Network:
Millennial Investing
Barron’s Advisor Podcast:
Top Tips for Working with Younger Clients | Next Gen
“We’re there to act as the bridge between these generations, which is I think good for everyone. The parents, and the kids both feel that they’re going to be working with a team who has their best interest at heart, and two, it helps us keep the assets at the firm.
You see the statistics about more than half of kids, and heirs who inherit their parents’ wealth will either fire or change financial advisors. I think we understand that we’re not immune to that statistic more than any other advisors, so we’re very proactive in terms of making sure that we’re working with all the generations of a family.”
-Ryan Moran
“People in their 30s, plus or minus 5 years, have a lot of planning to be done. A lot of advisors say, ‘they don’t need to do much, it’s just a simplified version of financial planning, and then when they get older it gets more complex,’ and that is so not true.”
-Eric Roberge, CFP®
NextGen in 10 from The American College of Financial Services
Blue Ocean Strategy and Beyond Your Hammock
VanEck Trends with Benefits Podcast:
Wealth Planning for the Largest Generation, Millennials
We’re going to have to switch from Assets Under Management to Assets Under Advisement and change the way we as advisors think about helping these clients…
[Using] a subscription-based model, we proactively work with millennials to tackle financial planning items one at a time… Younger clients are busy, they’re growing their families, they’re growing their wealth, they don’t have a lot of time, they aren’t interested in sitting down twice a year for an hour portfolio review. When they need financial advice, they want to be able to access it.
-Stacey McKinnon
“Father Time being undefeated, you have clients who pass away, and you also have … clients who are taking money out of their accounts. It’s not too difficult to realize my book through attrition is going away, I’m replacing it with referrals but they’re referring people generally in their same demographic.”
-Ivory Johnson, CFP®, ChFC
CEG Worldwide
Six Ways to Attract Next-Gen Wealth
“We find in our research overall, that if the children or other beneficiaries become familiar with the advisor at a relatively early age, they’re more likely to use that advisor going forward in the future – even if it’s just that advisor’s firm – there’s a relationship.
Having the whole family be a part of this discussion of what happens when this occurs or how do I work together with the whole family is really important.”
Take the Next Step
Cam Marston, Speaker, Author & Expert –
Workplace & Workforce Trends and Generational Change