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Tapping Into Future Opportunities: Are Your Financial Services Ready for Gen X and Millennia Wealth?

Throughout the next decade, Gen X and Millennials will inherit over $30 trillion from from their baby boomer parents. This marks the largest intergenerational transfer of wealth in recorded history creating a huge opportunity for financial service providers to position their business as a

trustworthy brand.

So, what does this mean for many financial professionals and RIAs? It means their entire target

market is about to change to a new generation that is independent, technologically savvy and


In this article, we’ll discuss these new needs and how you can prepare your financial services

for a younger generation.

Gen X and Millennials Expect Digital Communications

Unlike baby boomers, Gen X and Millennials grew up with technology. For example,

communicating through texting instead of calling is becoming the norm. In fact, 75% of

Millennials actively avoid phone calls. As hard as this may be to accept, phone calls will become

less effective when dealing with these younger generations.

Focus on a strong digital communication strategy that includes text, email, and social media to

keep communications in a format this new target market will be comfortable with.

Younger Clients Trust a Frictionless Sign-Up Process

While baby boomers become skeptical of quick sign-up processes when starting a business

relationship, their kids expect it. When it comes to financial services, baby boomers want to take

their time discussing their options with you either in person or over the phone. Meanwhile, Gen

X and Millennials want to complete most, if not the entire process online in a single session.

You can implement a frictionless sign-up process to enroll in your financial services by creating

an online portal with a simple questionnaire that allows you to recommend the optimal services

for their needs.

Cutting-Edge Technology is a Top Priority

Gen X and Millennials put far more trust in technology than baby boomers. For financial

services, you can build trust in this newer generation by showcasing the technology you use.

Everything from an up-to-date website to the technology you use to complete your work will help

you build trust with this new target market. Even robo-advisors are growing significantly with

Millennials being twice as likely to consider a robo-advisor for investment advice than baby


It may seem as though this changing market will take years before it impacts financial

professionals, these shifts have already begun with 23% of millennials seeking a financial


Have questions about your communications and onboarding strategy? Schedule a free

technology and communications review to ensure you are aware of all the digital tools available.


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