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The Future of Financial Services: Why and How to Attract, Cultivate and Retain Millennial Advisors

Millennial advisors, a generation that is often misunderstood and misconstrued, will soon be tasked with sustaining and evolving their profession. Since Millennials are the future of financial services, firms will need to adapt to meet their expectations and stay relevant.


The financial advisory profession is both aging and shrinking, a trend that indicates the future of the industry relies on younger generations. Most financial advisors today are in their fifties and sixties, which puts them close to retirement. This means that Millennial financial advisors, a generation that is often misunderstood and misconstrued, will soon be tasked with sustaining and evolving their profession. 

In April 2016, Hartford Funds convened a small group of Millennial financial advisors for a lively roundtable discussion on the professional challenges they face. What we learned is this: Since Millennials are both the future leaders and clients of the financial-services industry, firms will need to adapt to stay relevant. The following paper details the best practices that emerged during our Hartford Funds Millennial Advisor Roundtable.

 

Key Points

  • Financial advisory firms must take deliberate measures to identify top-tier Millennial talent and treat them as such
  • When recruiting Millennials, look beyond the numbers side of financial advice and stress the mission, vision and purpose behind the firm
  • Once a solid recruit has been made, advisory firms should focus on home growing and retaining their Millennial talent
  • Firm leaders should consider more contemporary work schedules, dress codes, and open workspaces
  • Senior advisors should commit to coaching Millennial advisors to build effective trust and relationships with clients
  • Actively source ideas from Millennial advisors for effective techniques for attracting and connecting the next generation of investors
  • Leaders need to communicate what steps, actions and milestones will be necessary for Millennials to become partners, and support young employees' progress and development
  • Firms should actively solicit the advice and guidance of young talent in evolving their firm to improve efficiency and differentiate themselves in the marketplace

All investments are subject to risk, including the possible loss of principal.

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