In an industry filled with Gen. X-ers and even some Baby Boomer financial advisors, discovering what Millennial clients want from a wealth management firm can seem like alien territory. A lot has changed in the world technologically, and all these advancements in technology have greatly impacted how American society interacts with one another.

So much so that most wealth management clients and even financial advisors aren’t sure of how to communicate with Millennials. There appears to be a sort of culture shock happening.

Now, some Millennials are old enough that they are really starting to make a name for themselves and are looking to hire private bankers and financial advisors. Now more than ever, it is crucial that anyone working in the wealth management industry knows what Millennials want and what they expect from a wealth management firm.

How To Bring In Millennials As Clients

Millennials grew up in the age of apps and app development. Many of them are pioneers of some of the most successful apps on the market. If you haven’t set up something app-related by now, this could be your first mistake.

Tailoring to a generation that is constantly on their phone but never actually calling anybody is almost impossible to do if you don’t have an app or some other way to communicate virtually. Millennials want to text. They want quick satisfaction and the convenience of being allowed to answer three hours later if it best suits their schedule.

Here are a few other things Millennials look for in a wealth management firm:

  • Blockchains
  • Cryptocurrency
  • Impact investing

Everybody is different. There will absolutely be a few Millennials out there that don’t abide by these new guidelines, but there are some trends we’re seeing. If you aren’t doing these particular things, you could be missing out.

Of course, there are two sides to every coin, which means there are also Millennials trying to get hired at wealth management firms. They want to be financial advisors and private bankers. So, this poses a rather important question:

How Important Is It To Attract Millennials As Employees? 

Millennial employees are infamous in the wealth management industry for working at a firm for a few weeks and wondering when their next promotion will be. This idea of a rapid growth plan and set-in-stone promotions is unheard of in this industry.

So, how important is it to attract this type of employee?

Some might say revolutionary. The wealth management industry is aging out and aging out quickly. We covered this in a previous article.

According to, Millennials are due to inherit 30 to 70 trillion in assets by 2030. They say great change is in order, and with great change comes inevitable disruption. This very well could be the disruption that revolutionizes the industry because, let’s face it, finances aren’t going anywhere.

One way or another, this industry will adapt and assimilate to the newly-adopted culture of the Millennials. 

Being one of the first firms capable of attracting and retaining Millennial employees could end up being your saving grace.