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How to Tap Into the Next Generation with Financial Planning

Want to tap into the next generation of clients? As a financial advisor, adapting and evolving is critical to stay current and to continue increasing your value. With millennials and Generation Z becoming a dominant force in the market, it’s essential for advisors to cater to their preferences and needs. As we look to the future, here are some key strategies for tapping into the next generation of clients. 

Table of Contents

Next generation financial technology

Embrace Technological Advancements

It’s no secret that younger generations are proficient with technology. Having grown up in the digital era, they effortlessly navigate online platforms and mobile apps. To forge a connection with these tech-savvy individuals, financial advisors must also harness technological advancements.

One way to use technology to your advantage is through the use of social media. Establish a presence on platforms such as TikTok, like the channel Sam Lichtman CFP® created, and Instagram (and whatever platform comes after that!) to build credibility and expand your reach. Share informative easy-to-digest content, such as short form videos, carousel posts, and podcasts. This allows you to to personify your expertise and authenticity, fostering trust and credibility.

You’ll also want to offer tech-based investment solutions with user-friendly interfaces. An easy-to-use client portal may be a value add for older generations, but younger generations consider it a given. 

Make sure to ask younger clients about their preferred means of communication. While you contact older clients with a phone call, younger generations learn towards text messages. Being flexible with your communication can help better serve younger clients. 

Focus on Financial Education and Transparency

Gone are the days of unquestioning deference to authority. In contrast, Millennials and Gen Z have more resources at their fingertips and often approach authority with more skepticism. Capitalize on their inclination for research by offering educational content spanning spending plans, debt management, investing, and credit scores. Consistently share insights and practical advice to aid their financial journey.

Transparency with any client is important, but with younger clients you’ll want to be extra clear about your fee structure and the services you provide. Younger clients are more likely to engage and stay with advisors if they demonstrate transparency in their practices. 

Sustainable investments next generation
Cater to Sustainable Investing and Social Responsibility

Sustainable investing resonates deeply with Millennials and Gen Z. They seek investment opportunities that align with their values and are more inclined to work with advisors who prioritize sustainable investing. About one-third of millennials often or exclusively use investments that take ESG factors into account.

 To target this demographic, integrate environmental, social, and governance (ESG) factors into your investment strategies. Beyond offering these investment opportunities, highlight the positive impact these investments have on society and the environment. Showcase your commitment to impact investing to attract clients who align with these values.

Teach the Importance of Debt Management

Many younger clients, even those with higher incomes, face the challenge of managing debt. With student loans, auto loans, credit cards, and mortgages, the average millennial now has six figures worth of debt. There is no denying that a proper debt management strategy is a vital part of their financial journey. 

Due to debt and their age, younger clients may have reduced net worth, but this doesn’t mean they’re not a good long-term client. A young doctor may have substantial student loans, but initiating a relationship with them now can result in a strong relationship with a high-net-worth client down the road. As a result, they may refer additional clients from their network to you.

When dealing with debt, a debt management tool is a valuable for advisors and their clients. Financial advisors can utilize software, such as Optivice, to offer comprehensive debt management solutions to clients. Optivice enables advisors to manage client debts easily by providing a centralized platform to see outstanding debts, optimize repayment plans, and set and track repayment goals. Debt management tools enhance the overall financial planning experience and provide clients with actionable strategies to overcome debt burdens.

Learn more about why advisors need to offer debt management services. 

The Takeaway 

To tap into the next generation of clients, financial advisors must adapt their practices to align with the preferences and needs of millennials and Gen Z. By embracing new technology, prioritizing financial education, and practicing sustainable investing advisors can position themselves as trusted partners for the younger demographic. Implementing these strategies allows financial advisors to build lasting relationships and secure a prosperous future with the next generation of clients.

Next generation of financial planning clients

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