Members of the millennial generation are tech-savvy, individually minded and short-term goal-oriented. You’ll need to address these traits if you hope to acquire and retain them as clients.

To connect effectively with clients in the millennial generation — the under-30s, who make up 27% of the Canadian population — it’s important to adapt your approach to their unique way of thinking, according to demographic expert Cam Marston, founder and president of Alabama-based Generational Insight.

Marston offers the following tips for appealing to members of the millennial generation.

> Customize your services for them

Millennials value strongly their individuality from their peer group and, therefore, want products and services that are customized to their specific needs, according to Marston.

To engage a prospective millennial client, focus on the way your services will affect their life and their future specifically. Sell your services by saying: “Here’s how we’re going to make you unique,” Marston suggests. “Here’s how we’re going to make you stand out.”

Don’t give them the impression that the financial plan you build for them will be identical to your other clients’ plans.

> Be efficient

Millennials value their time and like to get things done quickly and efficiently. In contrast with baby boomers, who may want to spend time getting to know you, millennial clients want you to get straight to the point, Marston says.

“They’re more interested in how they control their time,” he says. “They want a quick, thorough and efficient transaction.”

Rather than spending time telling prospective millennial clients about your extensive knowledge and experience, prove to them that you’re a knowledgeable advisor and that you know what you’re doing, Marston suggests.

> Focus on short-term goals

Unlike baby boomers, who are planning for retirement and the next few decades of their lives, Millennials tend to live in the moment. They’re likely planning for the next few months — or, at most, the next couple years — of their lives.

“The future, for them, is very short-term,” Marston says.

So, while long-term goals are important for everyone, it may be best to start by talking about the shorter term with millennials

Furthermore, Marston says, millennials often have hugely ambitious goals, but are unsure of how to reach them. They may need help setting the short-term goals that help them work towards meeting their broader ambitions.

> Embrace technology

Millennials are more technologically savvy than any other generation, relying on the Internet extensively in their day-to-day lives, often through the use of a handheld device.

“This is a generation that’s largely only known the Internet as something that exists in their pocket,” he says, “not something you have to sit in front of.”

When working with this younger generation, be open to using technology that allows them to contact you and access their account information easily and conveniently, even on the go.

IE