The Importance of Attracting and Engaging Millennial Clients with Justin Castelli

Insight is Capital™ Podcast

Advisors are currently facing some significant challenges when it comes to working with millennial clients. The challenge lies in the fact that most high-net-worth clients are around 70 years old, while millennials are looking for advisors who can offer innovative, non-traditional approaches.

The idea that millennials don't want professional advice is an under-informed perspective. As a practitioner, it's not about whether millennials want advice or not; the question that begs an answer is, "What kind of advice do millennials want?" and "How do they want to get it?"

To stay relevant and attract millennial clients, advisors must adapt their strategies and align them with the clients' objectives. This means that advisors need to change their approach to incorporate new technologies and methods that are in line with the way millennials prefer to manage their finances.

Fintech is a challenge that advisors must consider. With the proliferation of apps available today, millennials can manage their finances without intermediaries, all from their smartphones. Advisors should integrate Fintech into their approach to ensure that they remain relevant and useful to their clients.

Justin Castelli, Investment Advisor and Founder at RLS Wealth, joined us to share some the ways he's navigated these challenges. One of the reasons he's uniquely qualified to explore this topic is because he realized and envisioned much of the ideas we discuss at the point of breaking away from a larger financial institution after many years, and becoming an independent advisor.

Fortunately, most of what we discuss here can be, with some tools (including fintech), thought, and effort, painlessly integrated into your existing practice, so as to grow your book into the millenial market, as well as reduce your practice's potentially high succession risk.

Where to find Justin Castelli:

Justin Castelli on Linkedin

Justin Castelli at RLS Wealth

Justin Castelli at All About Your Benjamins

For a Canadian WealthTech resource/solution, one example to check out is AdvisorFlow that allows you to easily and efficiently onboard new clients of all types. (This is not an endorsement. Canadian advisors use AdvisorFlow as a wealthtech solution).

AA is looking for a subscription platform that can support advisors looking for a solution for flat rate services for smaller clients seeking professional advice.

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