Life Event Based Wealth Planning for Millennial Clients

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3 min read
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November 1, 2020

Prioritizing wealth planning based on life events can help to make sure your clients are covered at the most important times in their life. It shows your ability to add value by delivering a personalized planning experience, which is key with the millennial clients. A recent study done by the Public Policy Forum (PPF) in Ottawa shows that millennial clients want financial advice linked to events and actions in their lives, not just advice when talking about RRSPs once a year.  Providing educational content for your clients surrounding life events is a great way to add value to your relationship.

Here are some life events that financial advisors can apply to a millennial client:  

Having a Baby

There are a lot of wealth planning opportunities for your clients who are becoming parents. RESPs, life insurance, and will planning just to name a few. In a lot of cases, having a baby can also motivate your clients to execute some of the wealth planning you have discussed in the past.

Getting Married & Divorced 

Wills, life insurance, and how to deal with finances are just a few things you can be educating your clients on during these events.

Wealth Transfer

Wealth is transferring between generations while the previous generation is still alive. Parents are helping their adult children buy houses. They are also transferring wealth in the form of cash and investments, creating a shift in the demographic of investors.

This is a big opportunity for financial advisors. This is your chance to teach clients about different types of investments, good debt vs. bad debt, and more in order to start building their financial knowledge. Sending a video about investing topics is a great way to utilize the power of visuals and engage your clients.

Buying & Selling a House

Buying a house is one of the largest purchases Canadians make. It’s important to make sure your clients have access to all the information they need before becoming homeowners. Preparing them ahead of time on the process can add to your relationship. Send them content to make sure they are aware of key information beforehand, as this will set them up to make informed decisions when the time comes.

Aging Parents

Millennial clients are starting to find themselves having to take care of their parents or in situations where their parents need help to make key decisions regarding wealth and health. This can be a really sensitive subject and decisions sometimes have to be made very quickly. Being proactive and helping your clients learn by sending them content about their options when this time comes can help position yourself as a key advisor in their life.

Whether you are targeting millennials to build your client base or looking to help your clients' children in this age range, looking at wealth planning from a life event standpoint can be beneficial. HeyAdvisor’s content library of videos and infographics is sorted by life event, allowing you to easily find and send content and important time in your client’s lives’. Creating focus, asking important questions, and providing the key information for your clients will set you apart and propel your business to the next level.

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Emily Reed
CEO and Co-Founder of HeyAdvisor, CIM
Emily is a CIM and a millennial with over 10 years experience in the financial industry. For over 8 years, she has also been working closely with advisors to help them create a more systematized business with a focus on attracting and retaining their ideal clients.

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