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By Amanda Larson Outreach

How Financial Advisors Can Market to Millennials

8 minute read
How Financial Advisors Can Market to Millennials Featured Image

Millennials are becoming one of the most talked about generations when it comes to marketing lately. So much so that this isn’t our first post about millennials. Our first millennial post focused on how financial advisors can adapt their marketing strategies to better market your company to this tech-savvy generation. But did you know the millennial generation can be segmented even further? It sure can and we recently learned about this from our friends at SEI Advisor Network! Read on to learn more about how financial advisors can successfully market to each millennial segment.

millennial segments

First, we must understand the different millennial segments. Last year, SEI executed a survey among over 600 millennial investors in their network. Their research combined both quantitative and qualitative data to draw more authentic and meaningful conclusions about millennials to help financial advisors better understand this generation, the segmentation of it and how to “fine-tune” the lead generation process for this diverse group.

SEI Advisor Network, Marketing to Millennials

The above chart illustrates how SEI has identified three distinct segments within the milleannial cohort – MARG, CHIP and DREW. Now that we understand the millennial segmentation we can better outline some tactics to better market to these very different personas.

how to: market to marg

SEI recommends not actively pursing Marg but simply providing free resources that are easy to scale will be key. Because Marg may not be ready to engage you for your financial services quite yet you’ll still want to prospect and keep her in your sales funnel for when she is ready. Here are some of our digital marketing recommendations to reach Marg:

    • Blogging: Not only is a blog a great source of knowledge, it also plays a large role in lead generation. As a financial advisor, your blog should serve as a means for you to tap deeper into the niches you serve and humanize your brand by giving readers a behind the scenes look into your company. If you haven’t jumped on the blogging bandwagon you have to, like yesterday. Twenty Over Ten’s expanded blogging capabilities are seriously awesome giving you the power to create unlimited blogs, categorize your posts, include imagery, videos and more!
twenty over ten blogging
The Twenty Over Ten V2 blogging platform enables you to create diversified blogs, categorize posts, enable social sharing options and much more!
    • Social media: Having a presence on social media can not only convert prospects like Marg into clients but it also increases exposure for your practice, fosters brand trust and establishes thought leadership. And best of all – it’s free! From Twitter to LinkedIn and Facebook setting up social media pages can be a daunting task and there’s a right way to do it. Twenty Over Ten’s social media StarterKit and Strategy+ packages were designed specifically for financial advisors. Whether your just getting started or have reached a social plateau, we can help.
financial planning done right website
How one Twenty Over Ten client chooses to integrate social media onto their site
    • Freemiums: Freemium’s are a popular marketing tactic for reaching Marg. They’re commonly used to draw customers to a new product or service by offering it free of charge for a limited amount of time or offering a free version with restricted functionality for an unlimited amount of time. Learn more about developing a freemium for your financial planning practice.
    • SEO: Marg will be Googling, a lot. Ensure your site is up to SEO snuff. This involves optimizing all content on your website including your blogs. Still need help optimizing your site for search engines? Our SEO Kickstarter package delivers maximum impact by completing the most important SEO tasks in regards to how your website is setup and registered with Google. [Psst … In case you missed it be sure to watch the replay of our SEO for financial advisors webinar]

how to: market to chip + drew

According to SEI’s research Chip & Drew should be actively engaged through a more targeted marketing campaign focused on life event planning, such as retirement planning, buying a house or starting a family. Here are some of our digital marketing recommendations to reach Chip & Drew:

  • Landing Pages: Landing pages should be a tactic within your marketing campaign to reach Chip and Drew. Establishing landing pages will allow you to make your message ultra specific – there is one headline, one unique selling proposition and one call to action. For example, you may want to create a landing page dedicated to a life event such as marriage or first time home purchase to entice Chip and Drew. Interested in learning more about landing pages? Check out this helpful post.
unlimited landing pages
Creating landing pages on the Twenty Over Ten platform is easy! Simply drag, drop, click, and type to customize your landing pages and forms—no tech skills required.
    • Social Media: Reaching Chip and Drew on social will be slightly different than Marg. It’s important to engage and cross-promote! And not just with anybody but with other thought leaders who specialize in various life events that Chip and Drew may be researching, following, connecting with, etc. In addition, SDI recommends purchasing digital ads even on sites like The Knot for newlyweds or The Bump for new parents.

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