Financial Advisors

How to Build Strong Relationships with Younger Clients

Ryan George, Chief Marketing Officer | Docupace

As new investors join the fray, advisors are often challenged with how to react. The newest wave, often younger millennials and Gen Z, are referred to as “Generation Investor” and have more economic power than any previous generation. They are earning more, saving more, and investing earlier than any other generation.

But these younger clients also have unique preferences and priorities. Understanding their unique needs and building solid relationships with young clients improves the client experience and expands your potential clientele. As younger investors become more powerful, advisors who can connect with them and provide personalized service will see great success.

Here are four ways to connect with younger clients:

1. Learn Their Unique Preferences and Priorities

Millennials and Gen Z have a different relationship with money than older generations, which influences their priorities, goals, and the products they’re interested in. The first step to connecting with younger clients is to understand their needs. You can’t apply the same formula that works for older clients because younger clients typically have different interests.

For example, Gen Z is less likely to follow a traditional career path than the generations before them, which means many people in this generation are more willing to take financial risks and invest in new products and companies to reach financial freedom. The goals of younger generations may be less about preparing for retirement or saving for a house and more about feeling financially comfortable in an uncertain economy.

Younger clients also care deeply about what companies stand for and are more likely to prioritize things like sustainability, diversity, and social responsibility when building their portfolios. Advisors who understand their unique goals and perspectives and tailor their approach to meet that demand will build strong relationships.

2. Set Aside Stereotypes

The news is peppered with stereotypes about younger generations — millennials are entitled, Gen Z can’t put their phones down — the list goes on and on. There may be some truth in these stereotypes, but using them as the basis for understanding younger clients is dangerous and divisive.

A surefire way to lose a young client is to approach your first interaction thinking you know everything about them because of what you’ve read online. It’s important to learn about and respect the unique attributes of younger generations, but don’t let stereotypes fuel your entire view of these clients.

Instead of falling prey to the negative stereotypes that abound, go into your interactions with an open mind. There are generalizations for every generation, but there are also unique perspectives, priorities, and personalities. Just like you would with older clients, take time to get to know each younger client individually so you can understand them beyond the stereotypes.

3. Act as a Sounding Board

Younger clients are typically new to investing and wealth management. And perhaps more than any other generation, they are excited to jump in and learn about the financial sector. Financial topics have never been as mainstream as they currently are, which means younger clients are educated and enthusiastic.

Advisors have a unique opportunity to act as a sounding board to younger clients by answering questions and showing them the ropes of investing. Entering this new world can be intimidating, and having someone by their side to walk them through every step can build trust and goodwill.

However, millennials and Gen Z will likely go to other places for advice and information, especially social media. Advisors can help clients understand the best sources of information but ultimately should let their clients decide who to listen to and how to invest their money.

4. Provide Convenient Digital Solutions 

Digital-native millennials and Gen Z have grown up with technology and now use it in every aspect of their lives. They expect convenient digital service and want to connect with their advisors and stay on top of their accounts through digital channels. Digital communication is non-negotiable to connect with younger clients.

Similarly, younger clients appreciate digital processes, especially surrounding client onboarding and new account opening. Leveraging digital tools starts your relationship with younger clients off on the right foot and can help you stay connected throughout the relationship.

Tools like Docupace store and organize documents in the cloud so advisors and their clients can quickly get the information they need. Integrating Docupace into your existing processes can prepare your firm to connect with a new generation of clients.

Click here to learn more and a digital assessment from our solutions experts.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


Docupace is a solutions provider focused on digitizing and automating operations in the financial advice and investment industry. Financial services firms use the award-winning Docupace Platform (a cloud-based, integrated software suite) to reduce back-office expenses, improve efficiency, strengthen recruiting, and enhance the experience of advisors and investors. With headquarters in Los Angeles, California, Docupace proudly serves some of the largest independent broker-dealers and registered investment advisers (RIAs) in the financial services industry. The Docupace Platform and the professionals behind it have received numerous accolades from the industry mavens. The company was named to the 2022 WealthTech 100, a highly competitive list of the world’s most innovative technology solution providers, won the Gold Globee® Award for “Hot Technology of the Year” in 2021 and was named to 2021 Inc. 5000 list of the nation’s fastest-growing private companies. For more information, please visit

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