Finding ways to encourage millennial clients to meet in person

Working primarily with clients in their mid- to late-20s, Heather Lindsley, LUTCF, RICP, a three-year MDRT member from Green Bay, Wisconsin, said it is important for advisors to ensure these clients do not neglect their savings or resort to robo-advisors — which will not be able to calm their concerns when the market goes down. This is especially true considering how challenging it can be to find time in a millennial’s schedule for in-person meetings.

“They are very busy and don’t necessarily want to meet in person,” Lindsley said. “It’s hard to work on a retirement plan if you don’t have an in-person connection and see what they’re thinking. Sitting across the table, you can see if they are understanding; on the phone or in email, it’s harder to see when they’re missing something.”

Making meetings work

This is why Lindsley has worked to schedule meetings with these clients in a social setting: coffee at breakfast, lunch appointments, happy hours. “I meet them more on their level, as opposed to an appointment at an office,” she said. “It makes them a little more comfortable. I think there’s some intimidation that comes along with the stereotypical advisor in an office, like a doctor or dentist.”

That is all the more reason why Lindsley wants to ensure that if fees increase, her clients question the notion that they cannot afford to save.

“I think that’s an excuse people can use at any age, that there is something more important you need to pay for,” she said. “In the end, it doesn’t matter what it costs; if you don’t do it, the cost is you have no retirement. I don’t think that is an option.”

Read more about working with millennial clients in the January/February issue of Round the Table.

Listen to MDRT members’ advice on how to talk to millennials about retirement in the MDRT Podcast

Written by Matt Pais, MDRT Content Specialist