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Since they are more motivated by a brand’s values than the generations that precede them, experts have been witnessing a conscious aligning of spending (and saving) with causes that millennials care about. Millennials value convenience and, well, their values. “We lowered the minimum investment, added seven new customer-friendly goals, and services are faster and easier to use.” “We also launched a new and improved robo-advisor, Automated Investor, which is targeted at the beginning investor,” says Beth Lawlor, president of private wealth management at U.S. Bank’s mobile app, which launched in 2019, has more than 140 new features, including video, virtual appointments, and a virtual assistant that helps customers efficiently locate relevant content. “We’ve invested in things like online banking and mobile apps, and interactive budgeting and financial planning tools to help clients achieve long-term financial wellness.” “Technology has become a critical component of financial services for all demographics, but younger clients noticeably expect their provider to have certain capabilities,” says Brian Schumacher, consumer segment and wealth management director of Alerus. As a result, financial institutions are expected to capture the zeitgeist-and those who haven’t are late to the game. This monolithic figure will be driving a shift in capital to new processes, priorities, and platforms. There’s a lot at stake as we reach the cusp of a historical first: Baby Boomers and the Silent Generation will collectively bequeath an estimated $30 trillion to $68 trillion to their adult children, according to Forbes (this is otherwise known as the Great Wealth Transfer, the largest redistribution of wealth in American history).
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Having the right technology in place to make it as easy as possible for them to access information or their advisory team is really important.” “Some prefer more frequent virtual meetings or one-off calls to address very specific issues rather than a formal touch-base meeting.
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“Specifically for our millennial clients, we are tailoring both how and how frequently we communicate with them,” says Elise Huston, CFP, advisory services manager of JNBA Financial Advisors. To meet millennials where they’re at, banks need to be everything and nothing-all at once. The bank of tomorrow is omnichannel, with digital-forward offerings that lie at the intersection of convenience and an elevated customer experience. The days of a good old-fashioned bank run-literally tooling it to the nearest branch to deposit or withdraw money in person, slip in hand, while fiddling around for a pen in the glove compartment (remember that?)-are practically extinct, thanks to the newer, tech-fluent generations stepping in. Abstract art / dollar signs atop a man, womanĮSG.