How to attract younger clients

Why focus on younger clients?

While establishing a strong client base across all demographics is important, focusing on younger generations like Millennials and Gen Z is a strategic move for any advisory firm. These demographics represent the future of wealth in the UK, and financial advisers are advised to learn how to attract young customers using new,  more modern methods.

Millennials, currently aged between 28 and 45, are moving into their peak earning years and starting to accumulate assets. Gen Z, those aged between 11 and 27, are entering the workforce and beginning their financial journeys. This combined financial influence is rapidly expanding, making them an important demographic for long-term growth.

Young people who receive sound financial advice in the formative stages of their careers are more likely to become loyal, lifelong clients. As their wealth grows and their financial needs become more complex, so too does the opportunity to provide more comprehensive advice and services, especially as research indicates that younger generations often lack access to quality financial advice. They are digitally savvy and actively searching for personal finance tips for young adults and other information online but can be overwhelmed by the sheer volume and sometimes conflicting nature of what they find.

What do younger clients look for in a financial adviser?

Understanding what these clients value in financial assistance should be a top priority for those wanting to provide personal finance advice for young adults. 

Unlike previous generations, who may have valued tradition and formality, younger clients tend to seek different aspects of the adviser-client relationship. They are looking for an adviser who understands their financial concerns, which include managing student loan debt, saving for a deposit on a first home, building an emergency fund, and starting to invest for the future. 

Younger clients expect advisers to explain complex financial concepts in plain English, avoiding jargon and technical terms. They appreciate honesty, transparency, and an adviser who takes the time to understand their individual circumstances and goals. 

This generation has also grown up with technology and expects services to be available online and via mobile devices. They value the convenience of being able to access information, book appointments, and communicate with their adviser remotely.

In essence, younger clients seek a financial adviser who acts as a partner in achieving their goals. They want someone who speaks their language, understands their challenges, and provides clear, accessible finance advice for young adults in a way that fits their digital lifestyle.

How can you position yourself as a financial adviser for young adults?

If you want to know how to attract young customers, you need to position yourself as an expert in their financial needs and communicate your value proposition in a way that resonates with them. Here are some actionable tips for your branding and marketing efforts: 

1. Showcase your expertise: Show your specialisation in areas relevant to personal finance for young adults, such as first-time home buying, student loan management, early-stage investing, and building financial foundations. It may be worth creating dedicated content, such as blog posts, articles, or videos, specifically addressing these topics.

2. Highlight your understanding: Demonstrate that you understand the unique challenges and aspirations of this demographic and use language that resonates with their experiences. Avoid stereotypes or condescending tones.

3. Social proof: Young adults often rely on peer reviews and recommendations. Publish or post testimonials or case studies from satisfied younger clients who have benefited from your advice.

4. Embrace digital channels: Maintain an active and engaging presence on social media platforms frequented by young adults, such as Instagram, YouTube, and TikTok. These channels can be used to share informative content, answer questions, and engage in conversations.

5. Offer accessible resources: Provide free personal finance tips for young adults, such as downloadable guides, budgeting tools, or online calculators, that address common financial concerns for younger adults.

How to market to young adults effectively?

To reach an audience of younger clients, you need to understand their media consumption habits. They’re a digitally driven generation, spending much of their time on platforms like Instagram, TikTok, and LinkedIn. Focus on establishing a strong presence on these platforms, shaping your content to each platform's unique style and audience.

Content marketing is another effective way to engage younger audiences. Blog posts, videos, or podcasts on topics relevant to their financial concerns are worth investing time and money into. Titles like "Personal finance tips for young adults" or "Finance for young people made easy" can be particularly appealing. Ensure your content is informative, engaging and easy to understand, using clear language free of jargon.

Don't forget the importance of search engine optimisation. Think about the terms young adults might use when searching for financial advice online and incorporate those into your website copy and content.

Finally, host webinars or live Q&A sessions on social media to engage with young audiences in real-time. This way, you can address their questions directly, provide valuable knowledge, and build lasting trust.

What financial advice resonates most with younger clients?

Young adults are eager to gain financial knowledge but often feel overwhelmed by the complexities of managing their money, so to resonate with this demographic, financial advice truly needs to be practical, relevant, and easily digestible. Here are some topics that can help attract their attention:

• Budgeting and expense management: Practical tips on creating a budget, tracking expenses, and identifying areas for savings are highly valuable to young adults—provide finance advice for young adults that’s easy to follow.

• Saving for a first home: The dream of homeownership is a significant motivator for many young adults. Advice on saving for a deposit, navigating the mortgage process, and understanding the costs associated with buying a property is highly sought after.

• Paying off student loans: Many young adults are burdened with student loan debt, and strategies for effectively managing and repaying these loans are valued.

• Starting an investment portfolio: They also recognise the importance of investing for their future but lack the knowledge to get started. They’ll be looking for basic investment principles, different investment options, and building a diversified portfolio.

• Preparing for financial independence: Advice on setting financial goals, planning for retirement, and creating a roadmap for financial security is worth offering. 

Presenting this information in simple steps or using visuals like infographics may make it easier for them to digest, especially for a generation accustomed to consuming information in a concise and visually appealing format.

How to build trust with young clients

Finances for young adults can be a somewhat challenging topic, and requires a different approach than with older generations. Transparency, accessibility, and genuine empathy are key factors in establishing strong relationships that last.

Young adults value transparency, especially when it comes to costs. Offer flexible payment options and consider providing initial consultations at a reduced rate or even for free. Take the time to understand each client's individual circumstances and goals, but show that you are genuinely invested in their financial well-being.

Young clients expect readily accessible communication channels. Be available through email, but platforms like WhatsApp or video conferencing are also a great option for quick questions.

Finance for young adults means acknowledging the financial challenges faced by many, such as student debt or the struggle to save for a house deposit. Position yourself as a supportive partner who understands their struggles and is committed to helping them achieve their financial goals.

Work with Unbiased 

Attracting and retaining younger clients should be a priority for the future of any financial adviser. This means knowing how to attract young customers by understanding their financial concerns, communicating clearly, and offering services that align with their digital lifestyles.

To capitalise on this burgeoning market and expand your firm, join Unbiased Pro and get access to a consistent stream of high quality leads.