Millennials are expected to be the largest adult segment by the end of the decade. You may remember Wendy and Andrew as the avocado loving, up-and-coming Wealth Accumulators from our client persona infographic. They represent a new breed of clientele that is driving industry change and redefining the way financial advice is delivered.


Born between 1980-2000, there are 4.9 million millennials in Australia. While they may not have the assets their parents did at their age, there’s a massive wealth shift underway: not only are millennials approaching the peak of their earning potential, they are set to receive the largest intergenerational wealth transfer in history.

Millennials have grown up in a digital world rocked by the GFC and most recently seen the revelations brought about by the Royal Commission – a climate that hasn’t been conducive for building trust in financial services. According to a recent report by Deloitte, they are relatively risk-averse and like to be in control when it comes to financial matters. In fact, 72% of millennials describe themselves as self-directed with direct control over their wealth. But despite the scepticism, 84% of millennials seek some sort of financial advice, clearly indicating a need for financial guidance amongst this cohort.

Millennials are not looking for their parent’s adviser – or traditional advice for that matter. From buying a house to preparing for children, millennials want to see the tangible value of advice. They are by and large, a self-sufficient generation who prioritise convenience and want 24/7 access to their financial information.

In fact, they see tech tools as a basic requirement, rather than “a-nice-to-have”. According to an Accenture study in 2017, 67% of millennials want software that enables tracking of transactions, payments and other financial data in real-time to provide better recommendations. 63% want a mobile platform that connects directly to advisers – they see technology as paramount to the client experience but not a substitute for human advice.

At a time where trust issues loom, it’s no surprise that millennials want real relationships – something which technology can’t deliver on its own. Delivering an authentic customer experience and leveraging technology to strengthen relationships is key to demonstrating value to this generation. A sense of humour also gets the millennial tick of approval, with 69% of millennials saying they want their financial adviser to possess humour.


Empowerment begins with education. Millennials seek out digital content that addresses their unique financial challenges and goals. From e-books, websites and podcasts, millennials trust content from authentic brands that understand their needs and speak their language.

Unlike previous generations which tended to be more trusting of established brands, Millennials are far more likely to be influenced by word-of-mouth referrals. Social media can be used to create a unique digital brand, as well as provide a platform to share relevant content and highlight peer recommendations allowing advisers and accountants to build trust with millennials. The visibility gained through social channels is powerful regardless of whether they take you up on your services – even if they are not ready to engage today, they’ll know where to go when they find themselves in need of professional advice in the not-so-distant future.

A product of their environment, millennials are very goal-oriented. Whether it is taking out a significant loan to buy a house or seeking advice to pay off debt, managing income is a top priority. From providing clarity on big life decisions by visually tracking goals, to managing cashflow with automatic tagging, there are tools at your disposal (including myprosperity!) you can use to provide millennials with the kind of digital financial experience they expect.

Now you have a better understanding on how to embrace the millennial opportunity, stay tuned for our next persona deep dive on Peter the Property Mogul!