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Stories From The Field

Financial Professionals Finding Success Serving Millennials

Millennials now make up the largest generation in the U.S. workforce—and they’re reshaping expectations for financial advice.

For financial professionals, the challenge is clear: adapt your approach or risk losing relevance with a generation that stands to inherit and accumulate trillions in the coming years.

The good news? Many advisors are already finding ways to connect with this powerful market. From shifting fee models to engaging entire families across generations, financial professionals are proving there’s more than one path to success.

In this collection, we spotlight real-world stories from the field—financial professionals who are breaking through with Millennials. Their insights, strategies, and successes provide practical inspiration to help you build stronger connections with the next generation.

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Michael Kitces Financial Advisor Success Podcast:

Delivering Profitable Financial Planning to Millennials for a Monthly Retainer Fee

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“When I was launching, the thing that I heard a lot was, ‘You can’t make any money off of working with young clients because young clients don’t have any assets for you to manage.’ And to me I thought it’s not a them problem, it’s an us problem. We haven’t figured out how to charge young clients.

Young clients are willing to pay for financial advice, they just haven’t had the time to accumulate the assets yet. They’re 30 years old, it’s not their fault they don’t have. $500,000 sitting in their 401(k), they literally haven’t had time. And so I really wanted to flip the model on its head.”

-Sophia Bera

Mature businessman and young woman having a business meeting in the office, they are discussing together
Young while male in business suit wearing headphones

You can approach millennials with the financial planning proposition… put investments and products over there… they’ve basically been commoditized.

What will never be commoditized is the advice tailored to a specific individual, bring in the relatability, that human element, that relationship component.

-Douglas Boneparth

The Investor’s Podcast Network:

Millennial Investing

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Barron’s Advisor Podcast:

Top Tips for Working with Younger Clients | Next Gen

“We’re there to act as the bridge between these generations, which is I think good for everyone. The parents, and the kids both feel that they’re going to be working with a team who has their best interest at heart, and two, it helps us keep the assets at the firm. You see the statistics about more than half of kids, and heirs who inherit their parents’ wealth will either fire or change financial advisors. I think we understand that we’re not immune to that statistic more than any other advisors, so we’re very proactive in terms of making sure that we’re working with all the generations of a family.” -Ryan Moran
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“People in their 30s, plus or minus 5 years, have a lot of planning to be done. A lot of advisors say, ‘they don’t need to do much, it’s just a simplified version of financial planning, and then when they get older it gets more complex,’ and that is so not true.”

-Eric Roberge, CFP®

NextGen in 10 from The American College of Financial Services

Blue Ocean Strategy and Beyond Your Hammock

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three young women sitting at table laughing
young family sitting together in living room

VanEck Trends with Benefits Podcast:

Wealth Planning for the Largest Generation, Millennials

We’re going to have to switch from Assets Under Management to Assets Under Advisement and change the way we as advisors think about helping these clients… [Using] a subscription-based model, we proactively work with millennials to tackle financial planning items one at a time… Younger clients are busy, they’re growing their families, they’re growing their wealth, they don’t have a lot of time, they aren’t interested in sitting down twice a year for an hour portfolio review. When they need financial advice, they want to be able to access it. -Stacey McKinnon
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Top Advisor Podcast:

How to Target Millennials as Financial Advisory Clients

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“Father Time being undefeated, you have clients who pass away, and you also have … clients who are taking money out of their accounts. It’s not too difficult to realize my book through attrition is going away, I’m replacing it with referrals but they’re referring people generally in their same demographic.” -Ivory Johnson, CFP®, ChFC
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CEG Worldwide

Six Ways to Attract Next-Gen Wealth

“We find in our research overall, that if the children or other beneficiaries become familiar with the advisor at a relatively early age, they’re more likely to use that advisor going forward in the future – even if it’s just that advisor’s firm – there’s a relationship. Having the whole family be a part of this discussion of what happens when this occurs or how do I work together with the whole family is really important.”
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Take the Next Step

Financial professionals who build sustainable, multi-generational practices may not be those with the best returns or the lowest fees. They could be those who figure out how to make each generation feel in alignment with their approach.
Catch the replay of The Gen-Savvy Financial Professional to learn from generational expert Cam Marston how to connect with—and earn the business of—the next generation of clients. Because in the greatest wealth transfer in history, understanding generational differences could be the factor that separates practices that flourish in the future from those that fade away over time.
Cam-Marston Headshot
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Cam Marston, Speaker, Author & Expert –
Workplace & Workforce Trends and Generational Change

The podcasts and third-party content featured here are provided for informational purposes only. Kuvare and Guaranty Income Life are not affiliated with, have not worked with, do not endorse, and have not independently verified the views or information presented in these resources. Financial professionals should exercise their own judgment before relying on any third-party content.
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