"Please no attendees under the age of 40”!

Friday July 28, 2023  |  Helen Acke McComiskey, Strategic Advisor

Have you ever received one of those ‘special invitations’ in the mail from an investment firm or brokerage house for an evening of a Free Dinner and Seminar or Workshop on Investing, Retirement and How to Not Outlive Your Income? What is strange though is in the small print at the bottom of the invitation – "Please no attendees under the age of 40”!

Why would anyone not want to include the single largest segment of consumers AND the segment that uses financial advisors the most out of all the Generation segments? Great question – and the answer is, you wouldn’t, you shouldn’t, and you don’t!

Excluding Millennials and Gen Z from your Investment Services targeting is a huge, missed opportunity for financial institutions and quite literally, money left on the table.

Figure 1: Those Who Consider an Individual as Their Primary Advisor on Investments

Millennials are More Likely Than Any Other Generation to Have Someone They Consider as Their Primary Financial Advisor

Source: Raddon Research Insights, 2022 Deposits and Investments

The good news for many financial institutions is that Millennials are more than willing to work with financial advisors who are at their primary financial institution (PFI), more than any other Generation segment. The bad news is, most credit unions aren’t talking about investments as much as they should, if at all and certainly aren’t talking to Millennials or Gen Zers. 

Figure 2: Willingness to Consult a Financial Advisor by Generation

Millennials Are Willing and Ready to Consult a Financial Advisor at Their PFI

Source: Raddon Research Insights, 2022 Deposits and Investments

So, how can credit unions effectively cater to the unique needs and preferences of Millennials and Gen Zers to gain their business? Consider these strategies to create a more attractive and appealing investment experience for Millennials to ultimately building stronger relationships and grow your Millennial investor base.

A Simplified Processes. Streamline your onboarding process and make it easy for Millennials and Gen Z to start investing with minimal barriers. Research shows that Millennials and Gen Z choose their PFI based on quick and proper solutions above anything else. 

Figure 3: Top Three Important Factors for Consumers When Choosing a PFI

How Important Are Rates When Choosing a PFI?

Source: Raddon Research Insights, 2022 Deposits and Investments

Strong Digital and Mobile Channels. Develop user-friendly mobile apps and online platforms for investment services, as Millennials are tech-savvy and prefer convenient digital solutions. Does your investment Web page have images and messages that represent that generation?

Personalized Recommendations and Educational Resources. Provide comprehensive and easily accessible educational content on various investment options, financial planning to help Millennials, Gen Z and all segments make informed decisions. Also, implement personalized investment recommendations based on individual financial goals and risk tolerance. 

Figure 4: Readiness for Retirement by Generation

Regardless of Consumers Segment or Generation Segment, Most Respondents Are Only Somewhat Prepared for Retirement

Source: Raddon Research Insights, 2022 Deposits and Investments

No matter which Generation segment, it’s clear that all segments lean more on the side of being not prepared for retirement and would find value in guidance and recommendations. To be prepared to help these consumers and win their investment business and financial relationships remember the following:

Focus on the younger segments, both Millennials and Gen Z in your investment marketing efforts. This includes all channels, including updating your website to more age-appropriate images and messaging.

Make it easy! Simplify the process for consumers to start investing and remove as much friction as possible. Consumers no longer have to suffer with frustrating and bad technology—and they won’t.

Provide Education. Consumers of every generation have something to learn and something to gain about their finances. Comprehensive and accessible information to help people make informed decisions is critical in building stronger relationships and growing your investor base.

Raddon Report

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