Millennials – rather than boomers - are rocking the retirement planning landscape. But they’re leaving a lot of money on the table because they favour DIY approaches that don’t pay off. This demographic can benefit from professional advice; the challenge is engaging them.
This is a topic Helene Chatelain, Chief Underwriter at ivari will address at the Distinguished Advisor Conference (DAC) this November. The right approach matters, and Helene has a simple secret to success with this demographic: “The trick is to have them engaged as soon as possible, so when they experience various life events they are ripe for a discussion.”
This will help you overcome big challenges, like the fact that the majority of Millennials seem to believe they’re equipped to handle their own affairs, whether they are or not. An issue that was highlighted by a recent TD survey, that showed that despite their confidence – those that have gone it alone, wish they had accepted help instead. Specifically, 46 percent said they should have sought professional advice after receiving an inheritance. While 83 percent feel they could manage this kind of hypothetical windfall on their own.
Engaging them early says Helene, makes it possible to show them the value of advice. “This will make engagement and closing easier at a time when your best new clients have everything they need…except the right [insurance] solution.”
Helene will also be addressing how work with clients in other niche markets, including newcomers to Canada. All while navigating new stress issues relating marijuana legalization, gender discrimination, health disclosure policies and immigration.
These issues, and different client profiles all have a common thread that she will discuss – how to demonstrate the need for protection against the impact of these issues before personal risk factors are felt first-hand.
Stay tuned to KBR for additional DAC speaker features! Read more about the importance of other sessions featured at DAC, and their connection to today’s news highlights, in our previous features:
Also be sure to sign up for the unique networking experiences offered exclusively at this year’s conference. Including the Sparkle and Shine Gala Dinner with the world famous Painchaud family! Join us for a rousing rendition of “Happy Birthday” as Knowledge Bureau celebrates 15 years! Come dressed in style, wear your best sparkles and tails (or dark suit) as we celebrate 15 years with our best party ever. Hosted by your Masters of Ceremonies Dean Cockell and Mick Kelly, there will be a magnificent 3-course meal to celebrate, with a glass of bubbly to toast our special occasion. Featuring a very special production from Quebec City’s world famous Painchaud Family! It’s your night to eat, drink and celebrate with your peers and new friends. Sign up using our new DAC activities page.
Additional educational resources: Get your Real Wealth Manager credentials, and take your holistic advice offerings to the next level, as you become better equipped to address niche demographic needs through a client-centric approach. A free trial of the certificate course Elements of Real Wealth Management is available!