{"id":5145,"date":"2019-06-19T16:24:04","date_gmt":"2019-06-19T16:24:04","guid":{"rendered":"https:\/\/genhq.com\/?p=5145"},"modified":"2022-07-22T11:14:03","modified_gmt":"2022-07-22T11:14:03","slug":"investing-is-a-very-personal-matter-for-millennials","status":"publish","type":"post","link":"https:\/\/genhq.com\/investing-is-a-very-personal-matter-for-millennials\/","title":{"rendered":"Investing is a Very Personal Matter for Millennials"},"content":{"rendered":"<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-5146\" src=\"https:\/\/genhq.com\/wp-content\/uploads\/2019\/06\/blog_image_MarketWatch_June_01-1.jpg\" alt=\"Family meeting with financial advisor\" width=\"1024\" height=\"345\" srcset=\"https:\/\/genhq.com\/wp-content\/uploads\/2019\/06\/blog_image_MarketWatch_June_01-1.jpg 1024w, https:\/\/genhq.com\/wp-content\/uploads\/2019\/06\/blog_image_MarketWatch_June_01-1-300x101.jpg 300w, https:\/\/genhq.com\/wp-content\/uploads\/2019\/06\/blog_image_MarketWatch_June_01-1-768x259.jpg 768w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p>The Baby Boomer generation was taught\u2014and subsequently taught many of their Gen X kids\u2014that discussing finances was taboo. Like so many social customs of their predecessor generations, Millennials have upended that mindset. In fact, according to research we at The Center for Generational Kinetics (CGK) led with <span style=\"text-decoration: underline;\"><a href=\"https:\/\/www.broadridge.com\/\" target=\"_blank\" rel=\"noopener\">Broadridge<\/a><\/span>, Millennials <em>want to talk about their finances.<\/em> And they want that conversation to get personal.<\/p>\n<p>\u201cMillennials discuss money with their parents. They discuss it with their friends. They want to hear advice from people in positions of experience and educated authority,\u201d says Jason Dorsey, CGK\u2019s President and generational speaker who delivers keynote presentations worldwide on how to understand and engage each generation. \u201cThey\u2019re reaching an age where investing and money management is at the forefront of their minds, so hearing what peers and pundits think about their financial future is an important and welcome conversation.\u201d<\/p>\n<p>Interestingly, however, as <span style=\"text-decoration: underline;\"><a href=\"https:\/\/www.marketwatch.com\/story\/want-more-millennial-investors-5-ways-to-speak-their-language-2019-03-19\" target=\"_blank\" rel=\"noopener\">MarketWatch noted in its article on the CGK\/Broadridge study<\/a><\/span>, while Millennials are ready to talk in-depth about their finances, investment advisors are struggling to get that conversation started. Why is that? Dorsey says it\u2019s because financial professionals are trying to enter into a conversation with them like they would with a Gen X or Baby Boomer client.<\/p>\n<p>\u201cThere\u2019s a simple solution,\u201d Dorsey says. \u201cAdvisors just need to shift their approach and start speaking Millennials\u2019 language. They\u2019re eager to learn; they just haven\u2019t been taught in \u2018their way\u2019 yet.\u201d<\/p>\n<p>Consider this. According to the <span style=\"text-decoration: underline;\"><a href=\"https:\/\/www.broadridge.com\/white-paper\/decoding-the-millennial-mindset\" target=\"_blank\" rel=\"noopener\">Broadridge\/CGK study<\/a><\/span>, 66% of Millennials opted for low-interest savings accounts <em>over every other investment type<\/em>. Is it because they\u2019re risk-averse? Dorsey says not necessarily. In fact, they\u2019re more open, for instance, to purchasing shares in private businesses and investing overseas when compared to older investors. So, it\u2019s not a matter of steering clear of risk as much as it is understanding the risk reward of different options and how that fits their personal goals.<\/p>\n<p>\u201cThey\u2019re not investing as the financial industry would advise,\u201d says Dorsey, because that advice just isn\u2019t reaching them.<\/p>\n<p>To capture their attention and get the conversation started and keep it going, Dorsey recommends you consider these approaches. Not only will you see success in engaging with Millennials, but you\u2019ll realize that a finance dialogue with Millennials may be more fun, more casual, and more rewarding than you thought it could be.<\/p>\n<h4><strong>Own your greys: Experience wins with Millennials<\/strong><\/h4>\n<p>\u201cOur study found that the #1 quality Millennials value in a financial advisor is experience,\u201d says Dorsey. \u201cCompared to just 33% of Boomers, 40% of Millennials said that a recommendation from an advisor would drive them to invest or save.\u201d<\/p>\n<p>That\u2019s right. Millennials, unlike Baby Boomers who historically were leery of advice from their elders, value input from those they consider knowledgeable and experienced. So, don\u2019t worry that your age might render you mute to your Millennial prospects; the opposite is actually true. It\u2019s a badge of expertise.<\/p>\n<h4><strong>Tell me about yourself: Millennials like to get personal<\/strong><\/h4>\n<p>Here\u2019s another departure from previous generations. Millennials not only want you to know them; they want to know you. \u201cThis is a generation who will invest $10K in their friend\u2019s start-up because they know them, they trust them, and they want them to succeed,\u201d says Dorsey. \u201cIt\u2019s important to make a personal connection with them as their advisor in order to earn that level of trust.\u201d<\/p>\n<p>How? Ask them about their personal goals and the motivation <em>behind<\/em> those goals, Dorsey says. Even go so far as to ask if they have friends with businesses they find attractive as a way to identify where their investment interests may be.<\/p>\n<h4><strong>Get chatty: Millennials want more communication, not less<\/strong><\/h4>\n<p>It may come as a surprise, but the <span style=\"text-decoration: underline;\"><a href=\"https:\/\/www.broadridge.com\/white-paper\/decoding-the-millennial-mindset\" target=\"_blank\" rel=\"noopener\">CGK\/Broadridge study<\/a><\/span> showed that 70% of Millennials welcome monthly or more frequent communication from their advisors\u2014by email, conversation, or via social media. Remember, this generation grew up with constant access to information via the Internet, so what older generations may consider over-communication, these younger investors consider commitment and personal interest.<\/p>\n<p>\u201cBut don\u2019t just communicate with them about investment opportunities,\u201d Dorsey advises. \u201cMake your touchpoints more personal and more informational. For instance, share the environmental and social issues that are important to a particular equity investment; that\u2019s the kind of information that inspires Millennials to invest.\u201d<\/p>\n<h4><strong>The mamas and the papas: Ping Millennial parents for referrals<\/strong><\/h4>\n<p>Are you sitting down? Millennials, more than prior generations, <em>listen to their parents.<\/em> Yes, you read that right\u2014at least as far as financial advice goes. And, Millennials would really like to listen to their parents\u2019 financial advisors.<\/p>\n<p>The national study found that 55% of Millennials would consider using their parent\u2019s advisor, but only 20% had ever been introduced. Dorsey suggests hosting a cocktail hour or estate-planning event and make it a family affair. Have clients bring their Millennial children\u2014and then make sure to engage them and ask them their financial goals to get to the heart of their investment business. Dorsey has spoken at many multi-generational events hosted by financial services companies specifically to get different generations of clients engaged, talking, and building trust around their financial connection.<\/p>\n<h4><strong>Automate the routine stuff: Let auto-emails teach Millennials<\/strong><\/h4>\n<p>Because this generation seeks personal attention and personal connection, that\u2019s where you need to spend your time. With so many out-of-the-box financial education solutions available for advisors, you can focus on creating that personal relationship while letting auto-emails take them through the learning curve for you.<\/p>\n<p>\u201cOur study showed that Millennials are already outpacing Baby Boomers in terms of workplace savings plans, but 70% don\u2019t have a personal financial advisor,\u201d Dorsey says. \u201cThis is where you come in. Build relationships now, and you\u2019ll be able to help these early- or mid-career professionals positively impact their portfolios.\u201d<\/p>\n<p>In a nutshell, the CGK\/Broadridge survey shows that Millennials are ready and willing to invest now\u2014they just need a little personal attention and advice. Deliver that, and you will be the trusted resource they turn for financial advice now and well into the future.<\/p>\n<h4><strong>Want more insight into Millennial and Gen Z investing, money, and spending?<\/strong><\/h4>\n<p>CGK\u2019s acclaimed generational keynote speakers headline events around the world. Our speakers are passionate about helping clients discover the missing insights into each generation and how to apply them, in industries ranging from financial services and banking to healthcare and technology.<\/p>\n<p><a href=\"\/contact\/\"><span style=\"text-decoration: underline;\">Reach out to us<\/span><\/a> and we can share information on our work and how we can customize a presentation for your audience, and check our speakers\u2019 availability.<\/p>\n<p>For more generational discoveries, follow CGK on Twitter\u00a0<span style=\"text-decoration: underline;\"><a href=\"https:\/\/twitter.com\/GenHQ\" target=\"_blank\" rel=\"noopener\">@GenHQ<\/a><\/span>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Baby Boomer generation was taught\u2014and subsequently taught many of their Gen X kids\u2014that discussing finances was taboo. Like so many social customs of their predecessor generations, Millennials have upended that mindset. In fact, according to research we at The Center for Generational Kinetics (CGK) led with Broadridge, Millennials want to talk about their finances. [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":5146,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[30,29,22],"tags":[],"class_list":["post-5145","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing","category-millennials","category-research-findings"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Investing is a Very Personal Matter for Millennials - The Center For Generational Kinetics<\/title>\n<meta name=\"description\" content=\"According to research The Center for Generational Kinetics (CGK) led with Broadridge, Millennials want to talk about their finances.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/genhq.com\/investing-is-a-very-personal-matter-for-millennials\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Investing is a Very Personal Matter for Millennials - 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