When you think of Millennials, one of the first images that likely comes to mind is a group of young adults, all standing around in a circle... looking down at their smartphones. Unfortunately, this widely accepted vision of Millennials gives a false impression of how young adults prefer to communicate.

Here are three key communication takeaways from interviews FOX conducted while preparing our Engaging the Client of the Future white paper:

1.       Millennials value face-to-face communication and want more of it from their advisors. While many advisors think they need to improve their firm’s digital communication abilities in order to reach Millennials, the Millennials say they actually want more face-to-face communication from their advisors.  

2.       Millennials use email and phones differently than other adults do. Adjust to their habits, and explain what you can and cannot do. The younger your Millennial client, the more likely they are to want their advisors to text them about any pressing actions they need to take or documents they need to review. Otherwise, they might not realize that it’s buried somewhere in their overflowing email inboxes. If texting is not an option due to regulatory restrictions, be sure to explain that to your Millennial clients, and work with them to find an alternative. They’ll appreciate the effort.  And whatever you do, don’t bother leaving your Millennial clients a voicemail—they don’t see the utility, and they’re not going to listen to them.

3.       Millennials appreciate having a variety of ways to be in touch. Be respectful of your clients’ individual preferences. Ask Millennials how they want to interact with you, and then embrace those channels and communication methods. Find out how they want you to contact them, how often to contact them, and what channels to use for different types of messages. Also, provide your Millennial clients with a variety of ways to reach you at their convenience.

Millennials are ready and willing to tell you what they want and help you understand how you can meet their expectations, just so long as you are ready and willing to listen.

FOX members can read more on this subject in FOX’s Engaging the Client of the Future white paper>>