Music Festivals, UFC Fights. How Advisors Are Appealing to Next-Gen Clients

As Steve Buscemi’s character on “30 Rock” once said: “How do you do, fellow kids?”

With experts expecting $124 trillion to change hands over the next two decades, a top priority is connecting with younger clients. But it’s not as simple as saying, “I managed your dad’s money, let me manage yours.” Next-gen clients are looking for alternatives that are more familiar to them, including the latest AI tools, and that’s forcing advisors to adapt to new communication styles and social preferences.

“Advisors can’t just hand Gen Z and millennials a glossy brochure of sailboats and expect loyalty,” said Mark Stancato, founder of VIP Wealth Advisors, adding that younger clients often respond to short-form video, interactive tools and plain-language explanations, instead.

Where You At?

When it comes to younger investors, the proverbial “meet clients where they are” can mean engaging through digital platforms, as well as understanding their unique financial concerns. Chicago-based Keebeck Wealth Management takes the idea literally, networking at UFC fights and music festivals.

“When you speak to older people in the business, that isn’t their normal first thought,” said Lauren Lee, Keebeck’s chief of staff. Traditional methods like cold calls and referrals remain useful, she noted, but showing up where young investors already spend time can be more effective. “If we think it will be beneficial to just show face at an event, we’ll go and do that, see what type of crowd it is and what people are talking about,” she told Advisor Upside.

Having younger staff helps too, said Lee, who is 24. When headlines highlight Gen Z investing trends, younger employees can confirm whether they reflect real conversations among peers. “It helps bring us back to relevancy,” she said.

Balancing Risk and Reality. Younger investors often lean toward alternatives and complex strategies, even if that means more risk. “Saving for retirement often doesn’t resonate with young clients, no matter how driven they may be,” said Annie Garland, CFP with Wealth Clarity. “Many young clients also haven’t embraced the reality that successful investing is often quite boring.” 

However, Gen Zers and millennials are also eager to expand their financial knowledge, and a little education goes a long way. Just reminding younger clients that more exciting investments might not fit into their financial plan is sometimes all it takes to cure them of “shiny object syndrome,” Garland told Advisor Upside.