For a number of years, the impending “great wealth transfer” has been a hot topic in the financial services community. But as baby boomers settle into retirement, we’re now firmly in the thick of it. Over the next 10 years, Generation Y, those born from 1981-1996 (also referred to as “millennials”), and Generation Z, those born from 1997 through the present, are anticipated to inherit $30 trillion.1

Nearly 70 percent of these individuals do not currently work with a financial advisor, so for advisors seeking to grow their practices, there is a significant opportunity to connect with a new generation of investors.2 Doing so will likely require a shift in your approach. You may want to consider leveraging new technology, tools, and strategies to engage a younger audience, which has faced a number of economic challenges and sometimes lacks basic financial literacy.

To attract and truly gain the trust of these investors you need to understand their pain points and offer services that correspond with their circumstances. Our report, “The New Playbook: Attracting and Servicing Gen Y & Z,” covers the key information you should consider when strategizing your approach to working with young investors. Some examples include:

  • Communicate their way: Engage them with simple, quick interactions on digital platforms and provide on-demand access to information about their portfolios.
  • Connect them with peers: Leverage younger advisors/planners, who are more likely to understand the challenges facing these individuals and who, based on generational compatibility, would be better positioned to connect and build lasting relationships.
  • Update your website: Assume that younger investors are visiting multiple websites before selecting an advisor, so make sure your website has intuitive navigation and features these key pages: Our Team, Who We Serve, What We Do, and Our Practices.
  • Offer payment choices: A published pricing structure creates fee transparency. By offering a variety of pricing options you not only appeal to more consumers, but you also provide choices in how they can work with you. Consider subscription models, quarterly fees, hourly fees, or planning fees.
  • Make it fun: Gamification (for example, MyBlocks, from Envestnet | MoneyGuide) can encourage investors to get involved in financial planning, while also teaching key concepts.

These strategies (and many more) are featured in the report. Download “The New Playbook: Attracting and Servicing Gen Y & Z,” for actionable insights into the economic environment younger generations are facing, the characteristics and needs that define them, and how you can gain their trust and establish strong long-term relationships. There’s no one “right” way to serve these investors – experimentation will enable you to identify what works for your practice and differentiates you in the marketplace.

Download it here.


1. “How To Win The Next Generation Of Investors,”, last modified in June 2019,

2. “Millennials Most Confident in Savings Accounts and Want More Personal Communication According to National Broadridge Study,”, last modified in August 2018,

The information, analysis and opinions expressed herein are for informational purposes only and do not necessarily reflect the views of Envestnet. These views reflect the judgment of the author as of the date of writing and are subject to change at any time without notice. Nothing contained in this piece is intended to constitute legal, tax, accounting, securities, or investment advice, nor an opinion regarding the appropriateness of any investment, nor a solicitation of any type.

%d bloggers like this: