Expert: Marie- Laure Humbert, Goldman Sachs
Facilitator: Collette Dunn, Millman
Advisers have all the skills to deal with Millennials as clients, they just need the technology. Look to the banks and how they have used apps and online banking. A requirement for 2017 is simple, immediate access to their finances.
There are approximately 3.6 billion Millennials – the biggest demographic group. They are not necessarily more educated, just more informed. It is estimated they will be 75% of the workforce by 2025. They are seen to be digital natives, more concerned for the environment, more politically correct and connected.
Recruiting Millennials into an advisory business can be a challenge. The sense is that they are expectant, with small talk that is limited and their dress code is different. Goldman Sachs’ recruitment process is via videos to appeal to Millennials.
Keeping Millennials in the business requires new practices, such as: dress down, social events, sabbaticals and paid time off for charity work. Millennials are often interested in travel so sabbaticals can be appealing. Extra training required to support gaps and feedback is needed on a regular basis (they are used to looking for ‘likes’).