Working with Millenials

By 2028, millennials will inherit almost 1.1 trillion dollars from their baby boomer parents.1

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By 2028, millennials will inherit almost 1.1 trillion dollars from their baby boomer parents.1

Get your toolkit

The future of wealth

Millennials, also known as Generation Y, are generally defined as being born between the early 80s and late 90s. Making up 27% of the population, they represent the largest generation in Canada2.

Surrounded by negative stereotypes and known for paving their own path when it comes to family, career and their impact on society, the millennial market is often overlooked and underserved. These negative perceptions are creating missed opportunities for you, your business and millennials.

The opportunity

We are in the midst of the largest wealth transfer in Canadian history. By 2028, millennials will inherit almost 1.1 trillion dollars from their baby boomer parents and will be 5X richer than they are today.1 Unfortunately, 66% of children leave their parent’s advisor after they receive an inheritance and this number increases to 95% following the loss of both parents.3

If you have not asked for an introduction to the next generation, or begun adapting your business practices to embrace the millennial market, the time is now.

Millennials are more valuable than you think. They typically have a higher risk tolerance and are engaged and eager to learn. With the right practices in place, including a strong digital presence, millennials will remain loyal to one advisor and can become brand ambassadors and referral advocates. In fact, over twice as many millennials will make a referral compared to boomers4.

Attract, engage and retain the next generation of investors and the future of wealth.
Learn how to connect with millennials and the top qualities they look for in an advisor.

1 Strategic Insights, Household Balance Sheet Report, 2018
2 Stat Can, Table: 17-10-0005-01 (formerly CANSIM 051-0001), 2020
3 Preparing for the intergenerational wealth transfer, Investment Executive, May 24 2019
4 JD Power, 2020-canada-full-service-investor-satisfaction-study, 2020

Despite growing up on the forefront of technology and the rise of social media, millennials value human advice and prefer to work face-to-face with a financial professional.

Discover the top 5 qualities millennials look for in an advisor below. Then, complete the Building a millennial friendly practice checklist in the Toolkit to evaluate your current practices and ensure you are demonstrating the top qualities millennials look for in an advisor.

Top 5 qualities millennials look for in an advisor

1. Provides personalized advice

  • Refer to the Client Perspectives resource to learn the differences between generations, their attitudes and perspectives, financial priorities and concerns.

2. Builds trust

  • Take the Trust assessment to see if you demonstrate key components of trust.

3. Takes the time to educate

  • Watch this short video to learn more about the importance of educating millennials.

4. Meets service expectations and communicates often

  • Create your own engagement process using our template and share it with Clients and prospects to establish trust and confidence in you and your business.

5. Has an online presence

Complete the Building a millennial friendly practice checklist in the Toolkit.

Are your business practices focused on sales? Terry and Justine Zavitz discuss how they partner with millennials through education to create consistent long term Clients.

Don’t allow your misconceptions to result in missed opportunities.
Terry and Justine Zavitz reflect on their initial misconceptions of millennials and how their perspectives have changed over time.

In todays world, how you do or don’t show up online matters, especially with millennials.
Justine Zavitz talks about evolving her online presence to resonate with the next generation.

Get your toolkit and get ready to engage millennial Clients and prospects.

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Contact your Sun Life relationship manager to learn more about this program and the resources available to you.