Why Financial Services Brands Need Content Marketing Now More than Ever. Millennials are at a financial turning point, and the financial services industry is sorely lacking an effective content marketing strategy to engage them. At one company’s landing page about inheritances, she’s turned off by the inaccessible language. What’s more, studies show that most of these children will change financial advisers—meaning the big financial firms have a lot to lose once these assets are transferred. Given the big money in play, you’d think financial firms would be farther along at attracting the Millennial set. The Boomer Paradox Part of the reason financial firms have been slow to respond to the coming wealth transfer is, well, financial. “But if you don’t work with the next generation, someone else will.” As Baby Boomers pass down their wealth to younger generations, financial services firms will be under pressure to compete for this age group. A well-planned content marketing strategy can help financial firms engage with digital native Millennials, reeling in the next generation of clients. content marketing and baby boomers in the financial services industry The Right Response The problem for financial firms isn’t necessarily a lack of content. The coming great wealth transfer calls for a content market strategy geared specifically toward the needs and wants of Millennials, speaking their language and providing content that educates and entertains on their schedules.
Millennials are at a financial turning point, and the financial services industry is sorely lacking an effective content marketing strategy to engage them.
Consider, for example, a 30-something Millennial who is finally making a decent salary. After her grandfather’s recent passing, she is surprised to learn that she’s been bequeathed a large inheritance. She wants to do something prudent with the money, but she’s not sure what. Should she plan for retirement? Park the funds with a wealth management firm? Buy a house?
The options are endless, and like many a Millennial before her facing a decision, the first action item is an internet search. The problem? Major financial services companies aren’t putting relevant content out there, and what she finds doesn’t seem to meet her needs. At one company’s landing page about inheritances, she’s turned off by the inaccessible language. The traditional marketing she gets from the industry, including TV ads, tend to focus on rates and investment options and don’t resonate with her lifestyle. Stymied by the big firms, she instead polls her social media network for a local recommendation. She chooses a small company with a reputation for its personal touch.
For large financial services firms, this is a big missed opportunity. As Baby Boomers retire and grow older, scenarios like the above will become more frequent.
CNBC reported that Baby Boomers, the “biggest and wealthiest generation in US. history,” will transfer about $30 trillion in assets to Generation X and Millennial children in the coming years. What’s more, studies show that most of these children will change financial advisers—meaning the big financial firms have a lot to lose once these assets are transferred.
Given the big money in play, you’d think financial firms would be farther along at attracting the Millennial set. But as many Millennials have already figured out, that’s not necessarily the case.
The Boomer Paradox
Part of the reason financial firms have been slow to respond to the coming wealth transfer is, well, financial. Firms lean on individuals with high net worth (aka Boomers) to pay the…
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