We hear a lot of talk about the 77 million millennials (born between 1981-early 2000s) and the possibility that they will become the next Great Nation.
I’ve completed weeks of extensive research on this topic and from what I see, there is a very good chance that this could be true. But, it’s not just the millennials overall, it’s the 15.5 million affluent millennials that are on a hot streak and poised to inherit $59 trillion dollars over the next 20+ years. Affluent Millennials already have $100,000+ in investable assets, excluding real estate and they already spend $2 trillion annually. They do save 28% of their paycheck, unlike GenXers (born between 1966-1980) and they are optimistic about the future and making sacrifices now to reach long-term goals. This group is fired up to be successful AND have fun. Their motto is Work Hard and Play Hard, compared to previous generations that worked like crazy, barely took time for vacations and never really found that work-life-family balance. The affluent Millennials are mastering this balance already.
Financial service providers face dramatic and historic changes over the next 20 years.
An epic transfer of more than $59 trillion dollars in wealth to the 15.5 million Affluent Millennials will give them exceptional power as they reshape the future of the financial industry, business models and marketing strategies. The firms that meet them within the Affluent Millennials social networks, their style of communication and approach will thrive, while other providers will likely fail miserably.
There are numerous differences between the Affluent Millennials, Millennials, the GenXers and Baby Boomers. Making the mistake of marketing to them like the other two generations will be like entering a Ferrari automobile race with a mini-van. Good luck! This could be the next Great Generation and they are ready! The financial advisors that want a piece of this $59 trillion better be ready also.
Sample Content of the Affluent Millennials keynote presentation:
The vast majority of financial advisors in our country today are much older than the millennials, so there tends to be a communication gap between them.
Many advisors have hired younger advisors at a similar age to the millennials, so that it’s much easier for them to relate and communicate of course. What is your plan? It’s a new year and a perfect time to make some important changes in your approach. If you have a team of advisors already, look at the diversity. There are many younger advisors, both female and male of course, that don’t have the accounts and assets you have but do have the time, energy and drive to grow the business. The affluent millennials represent the ideal target market for the growth, but you’ll need someone who can reach out and communicate with them on social media and other internet sites that they use for research. Imagine the exponential growth your team can experience over the next twenty years. Then imagine how you will feel if you miss that opportunity. Take action this month and see how much your team can accomplish this year.