Infographic | Planning for Younger Clients

Why Engage Younger Clients?

Generation Y & Z investors tend to be overlooked by financial advisors because of the common misconception that young clients have few assets, prefer technology over human interaction or don't have complex financial planning needs.

Put these myths to rest with MyBlocks. An interactive financial planning tool, leverage MyBlocks to help clients visualize their finances, get a pulse check for where they are today, and provide actionable steps to help them achieve their financial goals.

The Big Picture

$30 Trillion

the amount Generation X & Y will inherit in wealth

2 of 3

advisors are let go when a child inherits assets from their parents

30 Years Old

the average employee age of the world's most profitable companies

Human Interaction

A preference for human interaction - only 16% express strong interest in using robo advisors

Nearly 70%

currently do not work with a financial advisor

Financial Education

70% believe educating themselves about money is important to achieving their goals

Holistic advice can start as early as high school through financial literacy. By establishing an early relationship with clients, you become their central point of contact for life events, including becoming homeowners, having children, or taking care of aging parents.

Digital Natives

Technology

90% are reliant on smart phones and mobile technology

View Finances in One Place

66% see the ability to manage all aspects of personal finance, including investments, in the same place as important

Real-time information is right at our finger tips; investors should be able to manage their financial wellness in the same manner. MyBlocks is a self-service solution, let your clients discover real-time answers and visualize their financial future on-demand.

Building the Foundation

Debt

$26,495 average total student debt

Loans

84% of borrowers say student loans negatively impact the amount they save for retirement

4 in 10

borrowers have put off contributing to a 401 (k)

2 of 3

say they need to catch up on their retirement savings

People are 22X more likely to remember facts if they are delivered within a story. Build your story through personalized experiences and holistic, goal-oriented advice. Enable clients with interactive tools like MyBlocks, where key financial topics are broken down into easy and fun modules. Engaging young investors early allows them to start strategically tackling their debt and building assets sooner.

Invest with Impact

84%

expressed interest in sustainable investing

Allocations

90% want to direct their allocations to responsible investments in the next 5 years

Empower young clients to invest consistent with their values. Through a more personal experience, MyBlocks increases the value of each client interaction and conversation. Advisors who are aligned with their clients’ values are in a better position to build long-term relationships based on shared understanding and deeper engagement.

It's time to adopt planning technoloy that resonates with this generation.

TryUs@MoneyGuide.com
1-800-841-5312

Sources:

These statistics relate to Generation Y, those born from 1981-1996 (also referred to as “millennials”) and Generation Z, those born from 1997 through the present.

Bloomberg, “The Old Rules For Building Wealth Are Obsolete,” 7/24/19.

Broadridge Financial, “Develop a Millennial Strategy,” 2016.

Broadridge Financial, “Millennials Most Confident in Savings Accounts and Want More Personal Communication,” August 2018.

CB Insights, “How To Win The Next Generation Of Investors,” June 2019; US Census; Ribbit Capital analysis.

FINRA Investor Education Foundation and CFA Institute, “Uncertain Futures: 7 Myths About Millennials and Investing,” 2018.

National Institute on Retirement Security “Millennials and Retirement: Already Falling Short,” February 2018.

PayScale, “Top Tech Companies,” 2017.

Pew Research Center, “Mobile Fact Sheet,” June 2019.

TD Bank, “Student Debt Impact Survey,” August 2018.

The Financial Brand, “Money Freaks Gen Z Out Creating Opportunity for Financial Marketers, ” citing Schwab study.

ThinkAdvisor, “5 Key Ways to Build Relationships With Millennials,” April 2019.

ThinkAdvisor, “How Storytelling Bolsters Financial Plans & Client Relationships,” November 2019.

TIAA and MIT AgeLab, “Student Loan Debt: The Multigenerational Effects on Relationships and Retirement,” July 2019.

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