Over the last few years, we have seen RIAs that have traditionally focused on high-net-worth individuals and families become interested in marketing to millennials. This trend is a result of several factors:
- The current client base is aging, and firms want to protect assets by developing relationships with the next generation.
- Technology is making it possible to offer services to smaller accounts.
- Many firms see high-earning, not-rich-yet millennials (aka HENRYs) as a pipeline for future ideal clients.
If you are a firm striving to reach this demographic, you will undoubtedly need to shift how you communicate your marketing message. The traditional tactics of writing long-form content, complete with visually complicated charts and graphs, won't hit the mark with younger clients.
Here are some tips on shifting your marketing message to appeal to the under-40 crowd:
- Be brief: Shorter attention spans mean you have less time to get your message across. Write concisely, and be clear about your offering. Instead of using a paragraph to explain your message, use a sentence.
- Be authentic: This generation can spot a sales pitch a mile away, so use an authentic voice to connect with them. This means that some firms will have to change their company culture if they are going to position themselves successfully in attracting this new generation of client.
- Mix in multimedia: Diversify your content with videos, infographics, webinars, and podcasts to keep your message interesting and your audience engaged.
- Draw on visuals: Include lots of images, charts, graphs, and white space to make your materials more readable.
- Don't sell—educate: Your marketing communications materials should focus on education. That means developing ebooks, videos, and even podcasts in addition to more traditional materials like brochures and sales sheets.
- Personalize: Go beyond simple merge fields, and make your millennial clients feel unique by personalizing the materials you share. Curate content that speaks to their concerns.