How Millennials Prepare for Next-Gen Clients

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It’s one thing to acknowledge the RIA industry must brace for the next generation. It’s another to act on it.

The generational wealth transfer is the mountain range on our horizon, likely dominating the landscape for much of our careers. Yet many firms struggle to move from acknowledgement to action.

Broadridge’s “2024 Financial Advisor Marketing Trends Report” sums up the issue in a single stat: 78 percent of respondents named baby boomers as part of their primary business targets. It’s easy to see why: Boomers have more money. If you want to grow your business, you go for the clients that will give you the most revenue.

This approach overlooks a critical warning sign. According to Cerulli Associates, fewer than 20 percent of affluent investors stick with their parent’s financial advisors. This represents a significant loss of assets – or an incredible opportunity for growth and retention, depending on how firms adapt to the next generation.

I’m a millennial. Here’s how I’m getting my firm ready for next-gen clients.