To some clients, a small percentage change in fees will not make a huge difference. For millennial clients — many of whom are early in their careers and figuring out how to pay off student loans, purchase a home and save for retirement all at once — that change could strongly impact how they feel about working with an advisor.
Heather Lindsley, LUTCF, RICP, a three-year MDRT member from Green Bay, Wisconsin, has done a lot of thinking about this. Her primary market is clients in their mid-to-late 20s — a result of entering the business after her friends and family already had advisors, leading her to work with her friends’ kids and their friends.
“It’s exciting to work with that demographic because their minds are new and open,” Lindsley said. “There’s not a lot of financial literacy in schools, so there’s a lot they don’t know. They ask a lot of questions and want to be educated.
“To see them get excited about what could happen in their future is pretty cool.”
Read more in “Working with low-net-worth millennials.”
Written by Matt Pais, MDRT Content Specialist
Wish I knew about this when I had 15 employees. This would have helped me be a better manager.
When I was manager at a local lab I had an employee that worked so hard but because she was a single parent she could never get ahead. She trusted the system. She never told me get someone else. She always took care of her clients a made sure they were happy.