Financial Adviser To Millennials: What You Need To Know

Becoming a niche financial advisor can be a very interesting step in your career and if you have been thinking about it, we have created a series of article to aid in picking your clientele. Here is the first part of the series.

Millennials

Millennials are the majority demography in a lot of countries and Canada is no different. It is not a surprise that this particular demographic has high levels of student loan debt, poverty and unemployment, combined with lower levels of wealth and personal income. However, they are also the best-educated cohort compared to those before them, which is highly connected to economic success.

They are also on track to receive the greatest wealth transfer in history from their Baby Boomer parents.

Millennials are not known for investing simply because they do not feel connected to the financial system, some believe it works against them which is not entirely incorrect. Majority feel confused, they do not understand the whole “investment thing”; others feel like they won’t be able to relate to the average investor for the mere fact of what is called “representation” in social consciousness.

Representation simply means being represented by a member of the same ethnicity thereby feeling at ease. The average investor is indeed a white male which millennial POCs (People of Color) will definitely not be able to relate to.

Some millennials find it difficult to trust their money to investment firms where fraud and theft is a real issue and the rest just do not have the money to begin to invest.

So, in this article, we have shown you why millennials are not investing. But if you can get around to speaking their language and getting them on board, then you will do just fine. Feel free to speak to other millennials and ask them what it is they believe they need and go on from there.

Good luck!