Strategies for Long-term Financial Success


As millennials and Gen Zers continue to navigate the ever-changing economic landscape, understanding their unique financial challenges and goals is crucial for financial advisors. Tailoring their approach to each age group is important, with digital solutions and hands-on engagement for Gen Z investors, and long-term guidance and relationship-building for millennials.

Strategies for Financial Advisors

Three key strategies for financial advisors working with millennials and Gen Z clients include providing tailored solutions, leveraging technology, and building relationships. Brandon Galici, a financial advisor specializing in working with HENRYs (High Earners, Not Rich Yet), uses technology, social media, and free financial assessments to reach his target audience.

Building Generational Wealth

Millennials are now middle-aged, and some even have adult children of their own. Building wealth that lasts generations is within reach for this demographic, with tools like 529 Plans for funding future education, permanent or term life insurance policies for safeguarding against market downturns, and real estate investments for multiplying wealth and providing residual income.

Housing Affordability Challenges

With 56% of millennials and Gen Zers feeling that buying a home is more out of reach compared to their parent’s generation, housing affordability is a major concern. Factors such as elevated mortgage rates, high home prices, and limited inventory contribute to this issue, with 65% of non-homeowners holding off on purchasing due to the state of the economy.

Business woman standing in front of a blackboard with a financial chart

Millennial Money Management Tips

Budgeting, mindful spending, and avoiding excessive debt are essential for millennials to achieve long-term financial success. Adequate insurance coverage, saving for emergencies, and investing are also important factors. With 88% of millennials investing their money, but only 55% confident in their money management skills, wealth firms need to build trust and encourage healthy financial decisions to engage with this demographic.