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Need Help Appealing to Millennials? Try YCharts

By James McGuinness, Director of Sales at YCharts.

Why YCharts? I get asked this question every day. Why should I explore YCharts as a research tool? What sets your solution apart? How is YCharts going to help me solve my business problems?

Before I provide an answer, I’d like to introduce myself. My name is James McGuinness, and I head up new business sales at YCharts. If you have communicated with YCharts in the last year, chances are you have spoken to myself or a member of my team.

On a daily basis, we work with financial advisors to understand their biggest pain points. Among many other challenges, we found that the distribution of wealth from baby boomers to millennials is one of the things keeping advisors up at night. In fact, a recent CNBC article reported that over the next 30 to 40 years, $30 trillion in assets is expected to transfer from baby boomers to younger generations. As I dug deeper into my research, I found that there were several important thoughts to consider regarding millennials. Millennials:

  • Account for over 40% of the workforce, while many baby boomers are approaching retirement
  • Expect people who advise them (from doctors to financial advisors) to use modern technology
  • Want to know how their money is being managed — this has become even more important with the rise of robo advisors and passive funds
  • Check their phones every 15 minutes and send an average of 100 emails and/or texts per day
  • Want to forge their own relationships and choose advisors who will best suit their needs

So the question is, why YCharts? Why should financial advisors work with us to build trust among millennial investors? The answer is that we are an innovative solution built, sold, and supported by millennials. We provide a modern, evolving technology platform to advisors, and make it easy to show millennials how their money is being managed and why specific investments are selected. We embrace all things “web-based” and have a finger on the pulse of what advisors need to attract and build relationships with millennials.

Investment Advisors can easily show their clients breakdowns of investment selections using YCharts with our Model Portfolio tool. Our cutting-edge, easy-to-use technology helps advisors make informed decisions and demonstrate to their clients the thought process behind investment choices, not just the bottom line. Additionally, the learning curve to get up-and-running on our platform is minimal to nonexistent. But most importantly, we as a team value relationships and customer service, like all millennials.

With the inevitable wealth transfer in the upcoming years, are you prepared to demonstrate to younger generations how you are managing their money and the value proposition you are providing?

If you haven’t signed up for a free trial of YCharts, click here!

James McGuinness is the Sales Director at YCharts.

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