A 7-step plan to transform your practice

Aim: To explain seven steps an adviser can take now to prepare their business to service the next generation of clients (Millennials)

Outcome: Completion of this module may help advisers to understand:

  • Some of the challenges that lie ahead as increasing numbers of baby boomer clients pass away.
  • Steps that can be taken to make their business Millennial-ready and more attractive to Millennials.

Abstract: Millennials have very different preferences, different advice needs and far more digital sophistication than the Baby Boomers who currently make up most advisers’ clients. Advisers face the challenge of continuing to appeal to their current clients, while at the same time attracting the new generation. Other challenges include integrating robo advice platforms, and the drive to transition from commission-based to fees-based remuneration. Seven steps advisers can take to help their practice deal with these challenges are explained to help advisers prepare for the future success of their business.