Peak Omaha Schaben

Lazy entitled the trophy generation these are the stereotypes most often associated with millennials I'm joined today with Aaron shaven to flip the script on the stick was the air and welcome thank Janet so.

Peak Omaha Schaben

I want to start up my first defining who are the millennials the millennial it's pretty much everyone that you just said right yeah I mean that's the stereotype but now it's really anybody who's born 1982 to 2000 so that puts some 37. You know to buy 17. So it's quite the range you know but why is there such a stereotype with this group.

There's there's a great book out there it's misunderstood millennial town I highly recommend especially if you're working with millennials and we are millennials right so we were working with ourselves almost but it's the stereo type is just like any other stereo type it's actually a small minority of the millennials that are causing base and the research says that there's 9 percent of millennials 9. Percent of millennials that are causing it so there's this other 91 percent of millennials out there that act just like everyone else there just a little younger I was gonna say I think my biggest vice is just not showing up to things on time but definitely not lazy or you know and not driven or anything like that so it there's obviously these 2 segments you know and water advisors doing now just to serve those segments well first off I think it's good to know what separates them and so before we serve on let's let's understand what it is and so what separates the 91 from the night so the 9 could almost be you know and it's the privileged ones right but the 91 percent I like to com the silent minority or the silent majority sorry is. It's what separates on is whether or not they have financial. Village and financial privileges defined as receiving $5000 that's it $5000 per year from their family so they have a financial safety so it's a pretty low low bar than it seems sounds like to me I mean $5000 is not going to make a huge difference in your budget over the year but I think it's maybe just knowing that if something happens you call mommy and Daddy.

Gonna be okay I don't know absolutely so how can the industry really then changed the perception then that these one else have well I think first to change the perception is like let's focus on the 91 right in politics we talk about the all right they all laughed so let's focus on the the majority of people and I think the key thing with focusing with the majority of of millennials is just knowing that you know they want mentorship they want freedom they want some autonomy but most importantly they want to know that they have a path whether it's an adviser.

That's coming in whether it's a client so how can we help them with that path that's what they're looking for and you know are millennials vocal about this you know our advisors and bracing this or is it kind of thing and they have to feel each other out at the end of the day yeah I sold millennials 8 I believe all are very vocal about it because it if they don't like it they'll vote with their feet very quickly right I mean I'll pull out my phone if I didn't wanna be a part of this conversation I pull out my phone I'd start checking it out you know whether or not I mean gates right same thing happens with an adviser if you're boring them or you having too long of meetings are going to check out they're probably going to check off your client list pretty quickly so what would be your piece of advice then to millennials that are hard working but are still struggling with those statements yeah I know I would just attack it right on I hate I hate to say it but a lot of times people at all millennials I like to come back if you like millennial sock.

Because then people not wow okay what does that mean I get to I get to really attack and be like Hey you know I'm not down I am going to be that dependable person and I am going to help you but I'm going to it a different way I I do once of freedom I I am going to ask for some some schedule autonomy but most importantly I want know that I've heard.

And and I think there's a big difference in in millennials especially the older group of millennials the millennials that are older are really asking for leadership. But I don't know if they're asking for the right thing. Everybody says all I want to be a leader well that means they want to have a bunch of people that are reporting to own and all those things I don't think they want that I think the majority of millennials one influence they want to know when they're in a meeting.

That what they say matters yeah they want to be part of something you know greater than themselves at the end of the day loosely yes so would you say the profession is delivering them from one else I don't think so I think the profession in general is is failing millennials especially those inside of it. And the main reason I say that is millennials want mentorship they want leadership they want autonomy they want to know that there's a path things we've discussed.

And and on average in the studies there's a 30 percent differential of how important it is to a millennial and whether or not it's being delivered so that's across the board and so I think we need to look at the outside we need to say how can we especially in a in a profession that so many independents how can we as independence deliver for the next generation to really help them grow our business hopefully that's top of mind for advisors and Erin thank you so much for your insights today thank you for investment news I'm generalizing.