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Want More Millennial Investors? 5 Ways to Speak Their Language

The age gap shouldn’t keep an entire generation from the advice they need.

Want More Millennial Clients? Learn How to Speak Their Language in Five Steps

According to a study published by Broadridge and The Center for Generational Kinetics (CGK), while retiring baby boomers showed a conventional preference for equity investments, 66 percent of millennials opted for low-interest savings accounts over every other investment. Such a risk-averse approach might not do too much damage to a millennial portfolio today. However, missing out on the compounding effect of stock market participation could seriously undermine an individual’s portfolio growth longer-term.

Does this mean millennials are risk-averse when it comes to investing? Not exactly. The study also showed that 58% had substantially greater confidence in purchasing shares in a private business or investing overseas than boomers or Generation X. If they are neither risk-averse nor risk-seeking, what are they?

In a recent Market Watch article, Broadridge’s Salvatore Sodano unveils 5 steps advisors must take toward learning to speak millennial’s language while decoding the millennial mind-set. By automating and personalizing prospect communications to this cohort, wealth advisors will tap into an emerging source of long-term, loyal relationships – one millennial at a time.