Why should advisors be marketing to millennials?

Because there are over 70 million American millennials, who make up about 30% of the entire population, that’s why.

Also known as Gen Y, millennials were born between 1981 and 1996. They were given this name because their generation came of age during the millennium. This also makes them the first generation to utilize a mobile-first mindset, as many of them were still minors when smartphones were first introduced.

At C2P Enterprises, we guide financial advisors with customizable collateral that boosts their competitive edge. This helps our advisors keep their clients effortlessly engaged no matter their generation.

Why is Marketing to Millennials Important for Financial Advisors?

Your goal is to ensure that the right message goes to the right person at the right time, so you can guide your prospects through the buyer’s journey from prospect all the way to happy customer.

When you delight your clients, they will tell their friends. Imagine how many referrals a millennial could make throughout their life if you attract them now, and they stay with your firm through retirement.

Millennials are 25% more likely to engage with digital marketing than older generations, with online video being their preferred medium.

Did you know YouTube is one of the leading search engines behind Google and ahead of Amazon?

55% of millennials watch videos on multiple devices. So, when marketing to millennials, it should be responsive and mobile-friendly.

92% of millennials reported that digital marketing and online presence were important factors when deciding whether they would submit personal information or fill out a form. They have grown up in a digital age, so if your online presence isn’t up to par with their expectations, they will just move on to the next one.

Use an Authentic Brand and Personal Touch to Build a Sales Funnel

Millennials want to work with organizations that they trust and causes they believe in—74% claimed they would make a purchase if the company supports a cause they personally believe in.

As you build a sales funnel, remember honesty and authenticity are important to 90% of this generation. Don’t keep everything close to the vest. Share your wisdom freely using informative content marketing programs that will attract and convert qualified leads. One-third of millennials utilize blogs for research when they’re considering a purchase.

Sprinkle in some humor—funny marketing programs are the most popular among millennials at 44%, while informative content comes in second at 30%.

85% of millennials are likely to purchase personalized services like a customized holistic financial plan.

And now, thanks to the new SEC compliance rules, you can add a personal touch by utilizing first-hand endorsements and testimonials. You still have to maintain marketing compliance rules which are designed to regulate financial advisor client communications.

For your high-net-worth clients, you can take it a step further. Send them a small, personalized gift to stay top-of-mind and stand out from the competition. The holidays are the perfect time for this; don’t forget a handwritten note!

On an episode of the Rainmaker Multiplier On-Demand Podcast, Bryan Bibbo told a story about a client who mentioned they were planning a trip to Tahiti for their birthday during a call. So, he sent them a travel book on Tahiti.

How to Market to Millennials Using Marketing Automation

As John Del Greco puts it—you want it to feel like the client is hugging you with their eyes when you’re in a face-to-face meeting.

But how do you make that sort of connection with your marketing automation efforts?

When you’re marketing to millennials, it should still feel personal, even if they’re in an automated marketing system within your CRM. It shouldn’t feel distant and cold, but rather warm and inviting.

Use key indicators like pain points to organize them in your CRM and get them into the proper sales funnel. Guide each prospect and lead through a logical workflow that will take them through a natural progression of the buyer’s journey.

How to Market to Millennials Using Social Media

If you want your marketing automation to work on a younger demographic, you need to make the most out of both organic and paid social media.

Doing so is easier than ever now because of the new SEC compliance rules.

Millennials are 54% more likely than previous generations to purchase a product because a social media influencer referred it, and 25% more likely to buy a product or service because of a social media ad.

If you don’t have the capacity to create your own content marketing campaigns, stay updated on influencers in the industry to see how they’re marketing to millennials.

• Blogs
• Podcasts
• YouTube
• Social Media
• Industry Periodicals
• Virtual Seminars
• Industry Conferences

Use this research to learn how to market to millennials in your own way. Don’t be afraid to repurpose what you learn with your own clients.

What media are top influencers using to build a sales funnel?

How are they authentically marketing to millennials?

Do they have an analogy or metaphor that simplifies a complex concept?

What campaigns are they implementing to move prospects through the process?

How are they using social media to generate leads?

To learn more about marketing to millennials and how C2P Enterprises can help with your marketing compliance book a free 20-minute consultation with one of our business development representatives.

Financial Professional Use Only

The information provided in this presentation is not intended as investment advice or legal advice. The information provided is for informational and training purposes only. The information in this presentation was accurate as of the time of the material was created. Tax laws and rulings can frequently change. Please discuss the client’s current situation with an accountant or tax advisor.

“A Paraplanner can range from entry-level to experienced. They can be a W-2 employee or have their own Paraplanning business working with multiple advisors. They can be a part of a firm on a part-time or full-time basis, and they are typically back- or middle-office, with strong technical financial planning knowledge.”

–Alex Hopkin, CEO Founder of Simply Paraplanner

A proper Advisor Career Path and Compensation Model details concepts like developing a plan for building up your advisors, creating firm growth, and providing a consistent client experience when managing your practice.

At C2P Enterprises, we’ve spent years refining and developing a scalable career trajectory that reflects the financial industry’s best practices. We’ve accumulated practice management experience and research over decades of observing advisors within our firms.

What is the Difference Between a Paraplanner and the Other Members of Your Support Team?

We demonstrate the Advisor Career Path using a 5-rung ladder that is broken down into three measurable steps, with a detailed scorecard. This leaves no room for misunderstanding.

The first two rungs happen backstage, meaning most of their work is done behind the scenes.

Advisors, Lead Advisors, and Practicing Partners all interact face-to-face with clients. We refer to these as frontstage positions.

Paraplanners can help manage:

• Investments
• Tax modeling
• Practice management
• Product recommendations.

They mostly remain backstage with little one-on-one interaction with clients.

When is a Good Time to Bring a Paraplanner into Your Team?

Effective practice management requires backstage administrative support. The more your firm grows, the more complex your needs become.

Bringing on the right talent at the right time for the right job is essential to building a successful financial management firm.

As an advisor, you’re busy meeting with clients. You need someone who knows what they’re doing, who you trust to own the backstage work and perform practice management tasks.

Financial Advisor Success Stories

What is a Good Compensation Model for a Paraplanner?

The Advisor Career Path and Compensation Model provide a rubric with objectives for your employees that helps with recruiting, payment structure, and everything in between.

At C2P Enterprises, we’ve spent years refining and developing a scalable career course that reflects the financial industry’s best practices as well as the experience and research we’ve accumulated over decades of observing advisors within our firms.

Learn more about our exclusive advisor training courses like Advisor Career Path & Compensation Models.

There are three main types of payment strategies:

1. Grid Compensation Model
2. Salary & Stake of Profit Compensation Model
3. Hybrid Compensation Model

The method you choose should encourage the behaviors you want to cultivate among your team. What behaviors does each model reinforce?

Ensure your chosen payment methodology is communicated correctly and understood by your team. Like the ladder visual, having a documented compensation strategy encourages:

• Employee retention
• Helps corporate culture
• Increases revenue
• Creates a sense of loyalty among the team

What is a Good Career Path for Paraplanners?

The Paraplanner handles the background work and data analysis to support the advisors and the firm.

Paraplanners with less experience:

• Review financial documents
• Enter data
• Handle accounting paperwork
• Assist with practice management tasks

Someone with more experience can:

• Create financial plans
• Onboard clients
• Meet with clients in addition to their backstage administrative duties

Many Paraplanners have goals and expectations of ascending the ladder to become an Advisor, Lead Advisor, or Practicing Partner. They view this role as an interim position.

This job allows them to learn and build financial plans as they prepare to advance to the next rung. This is merely a stepping-stone as they gain more knowledge and experience backstage in anticipation of moving into a frontstage role. Your firm should have a set career trajectory for these individuals to follow.

One of the best things about the Advisor Career Path is that both the employee and their manager will always know what needs to be accomplished to move to the next rung and ascend the Advisor Career Path ladder.

What are Common Traits of a Great Paraplanner?

Alternatively, some may choose to remain in this supporting actor role for the better part of their career. These employees are happy with their job and content to become subject matter experts (SMEs) for your firm.

Before you interview your next potential Paraplanner, ask yourself the following question.

Do I want a Paraplanner who expects to advance in the near future or someone who wants to remain in that position for some time?

There is no wrong answer; this is based purely on the needs of your firm. But the answer to this question will help guide your hiring process to the right individual.

Common expectations for Paraplanners:

• Drafts financial plans
• Focuses on backstage tasks
• Finalizes deliverables with Advisor before client meetings
• Active participation in meetings
• Bachelor’s degree
• 2-5 years of experience

Support Your Firm’s Growth with the Right Tools

C2P Enterprises provides Advisors and Paraplanners with the tools they need to build the right Advisor Career Path and Compensation Model to attract and retain top talent.

If you are ready to take the next step in growing your business, managing your practice, and building your team:

Schedule a Complimentary Call
 

Financial Professional Use Only

The information provided in this presentation is not intended as investment advice or legal advice. The information provided is for informational and training purposes only. The information in this presentation was accurate as of the time of the material was created. Tax laws and rulings can frequently change. Please discuss the client’s current situation with an accountant or tax advisor.

Keep it Simple When Explaining Concepts to Clients

The golden rule of an effective financial advisor communication strategy is to simplify the way you talk to clients and go into each meeting with a set purpose and intention.

On an episode of the Bucket Plan On-Demand Podcast, Dave Alison and Greg Hammer discussed proven metaphors and analogies to help explain financial advisor marketing and tax planning to your clients.

Your job as a financial advisor when communicating with clients is to simplify complicated concepts and educate them with bite-sized, easily understood content. Avoid using industry jargon and complex financial terms or acronyms. It’s easy to slip into the lingo, but before you know it your client is confused and frustrated.

Key Questions to Ask Your Clients

The more data you gather, the better your financial planning strategies will be throughout the planning process.

Ask open and direct questions to the client and to yourself.

• Are they a new lead or an existing client?
• How did they find you?
• Were they referred to your office?
• If so, by whom?
• Did they interact with a financial advisor marketing campaign?
• If so, which one?
• How long has it been since you last met with them?
• What did you discuss at that time?
• What has changed since then?
• How is their portfolio performing?
• Do you have any concerns about their plan you need to address?

Use the answers to these questions to guide the meeting effectively and personalize your client communication strategies.

Grow Through Marketing

Explaining the Process to Your New Clients

Plan for the client, not the meeting. Do your due diligence to prepare for each client as an individual because everyone is different. For instance, when communicating with clients, you’ll speak differently to someone referred to you by a close friend versus a cold lead who filled out a form on your website.

• Get to know them individually on a deep, personal level.
• Listen more than you talk; allow time to elaborate and space to reflect on their answers.
• Create a friendly environment so they feel comfortable opening up to you and your staff.
• Express genuine interest in their dreams and goals.
• Utilize practical communication tools.

The Bucket Plan is a time-segmented approach to holistic financial planning that categorizes investments into three buckets based on the expected timeline the client will need it: Now, Soon, and Later.

Checking in on Your Current Clients

Life happens 365 days a year, so you should check in with your clients more often. Annual reviews simply aren’t enough. Everyone is different, so consult with the individual and develop a plan for quarterly or monthly calls depending on their needs.

Utilize your digital marketing communication tools to talk to clients who prefer fewer interactions throughout the year.

Additionally, you should be automating marketing campaigns and regular, relevant content. This way, they know you’re actively working for them behind the scenes, even when you’re not in direct contact with them.

Building a Financial Plan that Considers the Impact of Taxes

Unless you are providing financial planning to a current CPA, your clients probably don’t understand the ins and outs of the thousands of pages of complicated federal tax code.

The good news is, you don’t have to break it down for them like that. You can use everyday language to explain the reasoning behind your tax decisions without citing specific SEC rules.

“Let’s say you’re going to buy a couch. You know it’s going to cost $2,000, but you’re not going to buy it today, because you’re not going to be ready to move it into the living room for two weeks. You don’t want to walk around it in the garage. So, the question I have is: if you open the paper tomorrow and that couch was on sale for $1,200, what are you doing? You’re going to walk around in the garage for two weeks. You just need to understand that you’re going to pay the taxes; it’s just prudent to pay less. We’re going to buy on sale. That’s the opportunity today with tax planning. It’s buying on sale to mitigate what’s likely going to be higher taxes in the future.”

–Greg Hammer, President & CEO, Hammer Financial Group

Building a Better Understanding with The Bucket Plan®

One of the most important aspects of financial advisor marketing is putting the client’s experience about everything else. The Bucket Plan can help you do that and so much more when communicating with clients. It simplifies complex concepts like cash-flow based financial planning or the money cycle so that anyone can understand it.

If you are looking for a better planning process to help your clients understand the value you are creating for their portfolios, look no further than The Bucket Plan Best Interest Process. This FINRA-recognized financial designation offers financial advisors training and materials built to increase client retention and satisfaction.

Register for Upcoming Training
Ensure any systems or processes that you incorporate come with a smooth transition and simple features. If you have a variety of communication tools that don’t communicate with one another, you won’t be able to effectively implement The Bucket Plan or any other holistic financial planning products.

Schedule a FREE call with one of our business development representatives to learn more about how to talk to clients about tax planning.

Financial Professional Use Only

The information provided in this presentation is not intended as investment advice or legal advice. The information provided is for informational and training purposes only. The information in this presentation was accurate as of the time of the material was created. Tax laws and rulings can frequently change. Please discuss the client’s current situation with an accountant or tax advisor.

Did you know that the 2010s is the only decade since the mid-1800s that didn’t have a recession? Recessions are part of the economic cycle we all experience. The key is learning how to recession-proof your client’s portfolios so that they don’t experience true financial hardships when the market takes a dip.

The Bucket Plan® simplifies this as it does with the rest of the holistic financial planning process. Using cash-flow based financial planning and concepts like the money cycle and risk assessments, you can communicate with your clients better and put their minds at ease about what the future holds.

The market will always have fluctuations, but with a bit of pre-planning on the front end, you can set your clients up for success regardless of what’s happening on Wall Street.

Building a Recession-Proof Retirement Strategy with the Bucket Plan

The Bucket Plan methodology is used to create an individualized comprehensive financial plan for your clients. This three-bucket approach to holistic financial planning segments the client’s money based on the time expectations of when they will need it.

Flight-to-safety is a recession-proof market trend that occurs when investors sell off higher-risk investments to invest in safer products that are backed by the government. In bear markets, investors often transfer their funds out of equities and into government securities and money market funds.

Flight-to-safety is often accompanied by a demand decrease for assets backed by private agents. Clients exchange lower profits for less risk when there is considerable fear in the marketplace.

Building a Strategy Around Your Clients’ Risk Tolerance

A holistic financial plan is different from any other investment strategy because it is based on both internal and external factors—including dips in the market, risk tolerance, job loss, birth of a child, death of a spouse, change in marital status, etc. It considers how the client’s objectives will continue to evolve and works to recession-proof each phase of their life and retirement.

The client’s risk tolerance is the amount of risk that they are comfortable with compared to how much risk they must face to reach their retirement objectives.

Make sure your clients understand that there will always be times of market volatility, and they shouldn’t react emotionally to downturns. Making drastic changes to investments in the client’s Bucket Plan in response to market dips can affect their ability to out-earn inflation, making for a less favorable retirement fund.

There are times when adjustments need to be made to the client’s Bucket Plan. If their risk tolerance changes significantly, you should sit down with them to re-evaluate what their recession-proof retirement plan will look like.

Listen to the latest episode of The Bucket Plan On-Demand Podcast!

How the Bucket Plan Helps Assist in Flight-to-Safety

Flight-to-safety occurs when the client prefers to buy bonds and sell stocks to diminish the potential losses that they would incur during times of market crisis.

Flight-to-safety refers to an abrupt change in investment behaviors during a time of economic disarray where clients sell riskier assets in lieu of more conservative options. A distinguishing aspect of flight-to-safety is the investors’ inadequate risk-taking behavior, which can disrupt credit and other financial markets.

The Bucket Plan has been defined, refined, and tested to provide a recession-proof retirement.

• The Now Bucket contains easily accessible funds for planned and unexpected expenses in the first few years of retirement. This bucket achieves minimal returns that likely will not keep pace with inflation, so don’t overfill it.
• The Soon Bucket is for the first ten years of retirement plus a hedge for inflation. The client will need this money sooner rather than later, so invest it conservatively to offset the client’s increased cost of living in retirement. This mitigates the risk of withdrawing at a market low, as you should not expose this account to extreme market fluctuations.
• The Later Bucket is designed to house investments for long-term growth in the later stages of retirement. Long-term investments are more aggressive because the client has more time to cover any potential losses.

Become a Bucket Plan Certified Financial Advisor

The Bucket Plan Certified® designation is a FINRA-recognized professional designation, which indicates to clients that you have elevated your skillset to that of a truly holistic advisor, delivering a best-interest planning process and a holistic financial plan.

The Bucket Plan accounts for the client’s income needs, time horizon, volatility tolerance, and tax situation for a one-of-a-kind, product-agnostic, recession-proof financial plan.

Advisors are required to have a bachelor’s degree or at least two years of industry experience, a life insurance license, and must hold at least one of the following:

• CPA
• CFP®
• ChFC®
• Series 6
• Series 7
• Series 65
• Series 66

Earn up to nine hours of Continuing Education (CE) credits for Certified Financial Planners and up to nine hours of CE for insurance professionals (depending on the state) with The Bucket Plan® 1.0.

To learn more about how to recession-proof your clients’ portfolios, talk with one of our business development representatives today!

Book a 20 Minute Call
Prosperity Capital Advisors provides more than just investments. Are you looking for solutions to simplify and solve the complex challenges and opportunities you face as an investor every day? Prosperity Capital Advisors is committed to looking at the big financial picture and providing congruent and holistic services to you.

Financial Professional Use Only

The information provided in this presentation is not intended as investment advice or legal advice. The information provided is for informational and training purposes only. The information in this presentation was accurate as of the time of the material was created. Tax laws and rulings can frequently change. Please discuss the client’s current situation with an accountant or tax advisor.

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 C2P Enterprises Receives Three Accolades

for Rapid Growth and Success

Recent Accomplishments Include Financial Times Ranking, Financial Advisor Magazine’s RIA Ranking and Crain’s Cleveland Investment Adviser List 

September 29, 2022 – Cleveland – C2P Enterprises, a holding company comprised of four distinct brands, each designed to simplify financial planning for advisors and the clients they serve, has recently been recognized for its industry contributions, rapid growth and success. C2P Enterprises has been named to Financial Times’ ranking of “The Americas’ Fastest Growing Companies 2022”. C2P Enterprises subsidiary, Prosperity Capital Advisors, an SEC Registered Investment Adviser (RIA), has earned a spot on Financial Advisor Magazine’s Registered Investment Advisers ranking, as well as named to Crain’s Cleveland Business’ Investment Advisers List 2022.

“To say that I am proud of our team’s success over the past year and the positive impact we’ve had on the industry would be an understatement,” said Jason L Smith, Founder & CEO, C2P Enterprises. “We built this company as advisors first, so we understand the unique challenges one can face in growing a financial practice. Our recent accomplishments are proof that what we’ve always set out to do – provide actionable, easy-to-follow, proven processes that allow advisors to grow and scale their business – is resonating within the industry.”

According to the Financial Times, C2P Enterprises experienced a three-year compound annual growth rate of nearly 18 percent between 2017 and 2020. Additionally, Financial Advisor Magazine’s ranking found that Prosperity Capital Advisors saw nearly 17 percent annual growth in assets from 2020 to 2021. Recent accomplishments for Clarity 2 Prosperity include The Bucket Plan^®, a best interest planning process that has been recognized as a proven approach for turning assets into income, became academically recognized after the concept has been incorporated into The American College of Financial Services^® RICP^® curriculum. The Bucket Plan Certified^® (BPC) designation for professionals who master this signature planning process also became recognized by FINRA, an achievement that will continue to expand the firm’s reach and delivery of its mission of simplifying holistic financial planning. Financial professionals that hold the BPC designation possess skillsets representing elevated knowledge as a holistic financial planning professional and deliver clients a Best Interest Planning Process and customized financial plan in the form of The Bucket Plan.

Read more information about C2P Enterprises and its subsidiaries!

Financial Times Methodology

The FT Americas’ Fastest-Growing Companies 2022 is a list of the 500 companies in the Americas that have the highest growth in publicly disclosed revenues between 2017 and 2020. The ranking was created through a complex procedure. Although the search was very extensive, the ranking does not claim to be complete, as some companies did not want to make their figures public or did not participate for other reasons. Check the full list and methodology!

Financial Advisor Magazine Methodology

Financial Advisor Magazine’s RIA ranking is an independent listing produced by FA Magazine. Firms must be registered investment advisers and provide financial planning and/or related services to individual clients. Eligible firms must be either independently owned or a freestanding subsidiary of another business and have at least $100 million AUM as of Dec. 31, 2020. Neither the RIA firms nor their employees pay a fee to FA Magazine to be included in the listing. Here’s the full list!

Crain’s Cleveland Business Methodology

This list consists of registered investment advisers in Northeast Ohio ranked by how much money they managed out of their local offices as of Dec. 31, 2018 (these firms mainly focus on allocating those assets to diversified funds and other advisors; local firms that invest most of their assets directly into stocks and bonds appear on our Money Managers list). The list includes services offered, minimum account size, local executive names and basic contact information for each firm, including email addresses for some companies. Check the full list!

About C2P Enterprises: C2P Enterprises is a holding company comprised of four distinct brands, each designed to simplify financial planning for advisors and the clients they serve.  United by the vision to provide planning and financial products in the best interest of the client, each company offers education, training, resources and tools to meet a client’s unique financial situation, along with access to an array of investment and insurance vehicles to help accomplish their goals. Each organization is committed to fiduciary best interest practices and training industry standards for a higher qualify of holistic financial planning services to families nationwide and worldwide. For more information, visit C2P’s website!

Investment advisory services are provided by C2P Capital Advisory Group, LLC d/b/a Prosperity Capital Advisors, LLC (“PCA”) an investment adviser federally registered with the Securities and Exchange Commission (SEC). 

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