Financial Advisor For Young Adults – This is where younger generations of investors get their financial advice, with one-third of Gen Z adults and millennials saying Facebook and Instagram have influenced their financial decisions.
New financial advice on social media platforms like TikTok shows that young investors are seeking financial advice on non-traditional platforms. Morning Consult poll shows US adults use social media for investment advice, and more consider themselves investors (Unsplash/Morning Consult illustration by Vladimir Gorshkov)
Financial Advisor For Young Adults
Financial professionals may not be stepping up their Tik Tok dance just yet, but industry leaders shouldn’t discount the latest financial advice on social media as the country’s younger generation of investors seek out platforms they know. For important financial – especially investment – decisions.
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A New Morning Consult poll to understand where Americans get financial advice — including budgeting, retirement and investment advice — found that leading shares of young people, those interested in and ready to invest, turn to social media sites for guidance. Young investors are increasingly seeking traditional and professional resources for fund management.
Industry leaders should keep this group in mind: Gen Z adults and one-third of millennials describe themselves as “passionate” investors who enjoy learning about investing and are open to unique approaches or investments. That sensitivity presents many opportunities for financial services professionals: If you can pique their interest and teach them something new, you can open their wallets.
Also, compared to figures from our August 2020 Retail Investment Report, the share of consumers who consider themselves investors increased by 6 percentage points.
If investment advisors needed more reason to figure out where to offer high-impact advice: 2 in 5 adults, including half and 50 percent of Gen Z adults and millennials, say they’re interested in investing more than they currently do. General X.
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Consumer advice also provides an investment flywheel. Adults who frequently seek financial advice are 62 percent versus 47 percent more likely than those who don’t.
As an increased segment of the population considers themselves investors and has a healthy share of interest in investing more, brands need to meet consumers to pursue action with financial advice.
Financial services brands that rely on their ability to deliver financial advice through traditional channels are missing out. More consumers are turning to more sources for investment advice than last year, but the share offered to traditional advisors hasn’t increased.
Clients continue to turn to friends and family for investment advice: this category has grown nearly 50 percent since summer 2020, from 23 percent to 34 percent. 18 percent of adults say they use social media to learn more about investing, a 4-point increase from August 2020. Meanwhile, financial planners saw only a 1-point increase over the same period.
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Financial services leaders, especially those in the investment industry, need to rethink how they advise and educate consumers.
We see a similar pattern for broader financial advice, with consumers preferring personal relationships over experts – but a significant share of young people report that social media platforms influence their choices. This is something business owners should be aware of.
At least a quarter of Gen Z adults and Millennials say Twitter (27 percent), Reddit (29 percent), Instagram (32 percent) and Facebook (33 percent) have a greater or lesser influence on their financial decisions. This roughly corresponds to a stock that a broker says has changed their preferences.
Although this is still small compared to the share of young people who cite books and websites as useful, industry leaders should seriously examine what these sources of advice offer without professional contact.
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The hierarchy of consumers’ needs for financial advice—easy to understand, professional, or free, for example—has remained consistent across generations, with few differences. Getting financial advice from “someone like me” is more important to Gen Z adults and Millennials than to Gen X or Baby Boomers.
Remembering that most young investors identify themselves as “interesting” investors, marketers and financial services leaders should make it a priority to create engaging, understandable and responsible content and place it on platforms that consumers visit.
Data collected from Morning Consult Brand Intelligence, the company’s flagship platform that collects and manages nearly 12,000 survey responses daily for more than 4,000 brands in 15 countries, provides a deeper understanding of where young investors spend their time online. An analysis of data drawn between May 2020 and May 2021 reveals that Twitter and Reddit can use marketing spend more efficiently for shareholders in hopes of getting a higher-than-average stake from investors.
Users of those platforms are the top three US banks by asset size (Chase, Bank of America and Wells Fargo). More than the general public who are investors or customers of one of the banks.
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But we can rotate the view. By profiling specific demographics to reveal their social media usage, marketers and other financial services leaders or professionals can learn how to meet their target customers where they are.
For example, our analysis revealed that 90 percent of Gen Z adult investors use YouTube, more than 80 percent use Instagram, and three-quarters use Facebook to reach specific investor or banking audiences by generation.
But here the differences are interesting. Gen Z investors have a higher share of social media users than non-investors. Three major U.S. The same applies to customers of banks.
Fifty-seven percent of Gen Z adult investors have invested in platforms like YouTube or TikTok, while 49 percent of Gen Z adults have not. Leaders at the country’s top banks might consider platforms like Instagram: Half of their customers use the photo-sharing app, though individual banks’ shares vary.
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Relationships in the financial services industry have been changing for some time, and consumers’ instant consumption of 30-second videos about ETFs on TikTok is the latest sign of that shift. In addition to capturing post-pandemic consumer confidence, financial services leaders are working to find new ways to deliver financial advice in an increasingly digital world. The first step is to understand the social media usage of their customers and investors and download some apps. I am from Prudential. I don’t really like the culture there. This year’s top 10 agent, Han Si Teng, tried to convert me (a fresh graduate) by boasting that Ko Chok Dong was his client, saying I was not smart enough to be a selection agent.
Most insurers have very similar products for any type of coverage (eg death/TPD/CI/PA/long-term care etc.). So in this aspect, they are very similar.
You should talk to different hiring managers from different insurance companies. It’s not uncommon to talk to different recruiting managers, even with the same insurance company. Even if you are in the same company, your environment and learning path will be shaped differently under different managers.
Get to know your manager and check his experience, how training is provided, and what kind of support you can expect. If you don’t like what you hear, you don’t have to join. Don’t settle for anything.
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An independent financial advisor is better than someone who works for an insurance company (say Prudential). Do they have a vested interest?
Why can’t some financial advisor represent an insurance company and sell another company’s product, even if it’s better?
I am interested in becoming a real financial advisor, (not just insurance agents/unit trust agents/funds) how do I start?
Is it better to buy insurance plans from an independent advisor or consultant under an insurance company? What qualities are considered important in a mentor?
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Do I have to join them as a student advisor and become a financial advisor (insurance agent) while attending a financial services internship?
Best Fixed Deposit Rate Singapore (2022) Treasury Bills (T-Bills) Singapore 2022 Guide Latest Singapore Savings Bonds (SSB) 2022 Guide Best Savings Accounts Singapore (2022) Most advisors don’t pause long enough to stock their client base. Many believe that most of their customers are from older generations – namely Gen Xers and Baby Boomers. However, what financial advisors should keep in mind is that in 2016, Millennials surpassed Gen Xers and Baby Boomers as the largest generation in the workforce.
These advisors are missing out on young potential clients who are key to extraordinary long-term returns for their businesses: Millennials – a young group of potential investors just starting out in their careers. Young investors are ready to take the lead in business sectors
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