By Dana Rhodes, Chief Operating Officer
Axtella
The days of “knocking on doors” to attract new investors are long gone in a world where digital connectivity and personalized experiences reign supreme. That means reaching and engaging next-generation investors and professionals requires a strategic approach that embraces change and innovation in a rapidly changing industry landscape.
To effectively connect with younger audiences, it’s crucial to understand your unique differentiators, and then tailor your marketing approach in a way that will resonate with this audience.
At Axtella, a guiding principle for our recent marketing efforts has been to recognize the importance of meeting audiences where they are and speaking their language. This means not only understanding their preferences and behaviors, but also adapting our services to align with their expectations.
One avenue we’ve found resonates particularly well with next-generation audiences is the Fee-for-Service advice model. This approach revolves around a monthly payment model that younger audiences are already familiar with in the era of streaming services and subscription boxes.
By highlighting the Fee-for-Service model and likening it to the “Netflix of financial planning,” we’re able to meet the next-gen audience where they are, and on their terms – which makes the prospect of working with an advisor or financial professional immediately more approachable.
Our professionals have also found that the Fee-for-Service model provides a great foot in the door for new client relationships. These investors may not have a substantial amount of wealth or assets at this stage in their lives, but advisors can put in time developing these relationships so as these investors’ wealth grows, they can gradually introduce more comprehensive services around their needs and goals.
The Fee-for-Service model is just one example of how Axtella has shifted its mindset to consider the needs of next-gen investors within the industry. By embracing change and highlighting one of our differentiators in language that resonates with this audience, we’ve successfully started to broaden our client base.
I use this example to underscore the broader importance of reevaluating traditional practices and embracing innovation to remain relevant in an ever-changing market. Next-gen investors are seeking accessibility, affordability, and personalization right now; if you understand your unique differentiators and are open to embracing new solutions, then you can really begin to test and observe what marketing tactics will resonate with younger audiences.
As our industry continues to evolve – and as the next generation emerges more prominently with new and different preferences and values – it’s imperative to remain flexible and seize opportunities to differentiate yourself in a competitive market.
