Tips & Strategies for Target Marketing in the Financial Space

Last Edited by: Morgan Hennigan, Associate Marketing Consultant, Marketing, LPL Financial

Last Updated: February 06, 2023

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As a financial advisor, focusing your marketing on a specific demographic helps you cut through the noise and stand apart from your competitors. But it’s not enough to simply know your audience and understand their unique needs and goals. In order for your marketing to truly hit the target, you must engage with your audience in their preferred mode of communication—even if it isn’t necessarily yours. Let’s take a look at three generational demographics—millennials, Generation X, and baby boomers— and identify the marketing methods most likely to attract their attention.


According to the Pew Research Center, millennials have overtaken baby boomers as America’s largest generation. Typically defined as someone born between 1981 and 1996, millennials comprise roughly one-third of the total population. Millennial wealth, too, has grown significantly in recent years, jumping from $4 trillion in 2019 to $9 trillion at the end of 2021, according to data from the Federal Reserve. Millennials are arguably the most strategic group for financial advisors to engage, but how do you get their attention?

Platforms where millennials are:

Social Media

It’s no secret that millennials are well-versed in social media. Meet them where they are already active by building a strong presence on platforms like Twitter, LinkedIn, and Facebook. Start by focusing on ways you can add value and demonstrate your experience by addressing relevant topics in an engaging way. For example, creating free "how-to" videos or informative posts about how to maximize savings or stretch a budget in the midst of inflation. When you give good quality content to your audience, you’ll be more likely to win them over and increase your followers.


Another popular format with millennials is video. The post-pandemic world has provided a unique opportunity for financial advisors to leverage video as a convenient alternative to in-person client meetings, as well as a marketing tool. All you need is a smartphone, a ring light for optimal lighting, and a lapel microphone for the best audio results. Check out Zoom’s Online Event Best Practice’s Guide for tips on hosting a successful online event, including Q&A, engaging attendees, and basic troubleshooting.

Generation X

Sandwiched between the baby boomers and millennial generations, Generation X, or Gen Xers, represent Americans born between 1965 and 1980. Although Gen Xers comprise just 20% of the US population, they make up about 31% of the country’s total income.

Often seen as the overlooked “sandwich” generation, Gen Xers are an important target market for financial advisors. They’re in their prime earning years and in the market to make large purchases, such as homes and cars. They’re also careful spenders because many are caring for both children and parents.

Platforms where Gen Xers are:

Text Messages

While email remains an effective method of reaching these early internet adopters, their preference seems to be shifting toward text messaging. According to a recent Changing Communications study, 80% of Gen Xers now rank texting as their most-used communication method, followed by email.

Social Media

Social media is another valuable marketing tool for this demographic. According to eMarketer, 77.5% of Gen X uses social media. In terms of platforms, Facebook ranked the highest with 88.5% participation, followed by Instagram at 46%, and Twitter at 25%.

Traditional Advertising

Traditional advertising has its place among Gen X as well. While they’ve adopted today’s tech, they’re still able to remember a world without all of our current digital touchpoints. Their marketing preferences reflect this same mix of the digital and the physical.

Baby Boomers

Baby boomers are the generation born after World War II, between 1946 and 1964. According to the US Census Bureau, they were the largest living adult population before being overtaken by millennials in 2019. They remain the second-largest population group as of 2022, with nearly 70 million people ages 58-76.

This historic generation is in the midst of the largest wealth transfer in history. Cerulli projects that wealth transferred through 2045 will total $84.4 trillion—$72.6 trillion in assets will be transferred to heirs, while $11.9 trillion will be donated to charities. Greater than $53 trillion will be transferred from households in the baby boomer generation alone, representing 63% of all transfers.

What’s the best way to reach this unique demographic?

Social Media

Don’t count out social media! Marketing to boomers on social media is more profitable than ever. According to statistics, they spend an average of one hour and 48 minutes daily on Facebook and Instagram. Compared to millennials, boomers are also 58% more likely to click branded social media content—whereas 19% are more likely to share them with their connections.


Baby boomers also enjoy engaging video content. It’s estimated that one out of three boomers learns about products or services on YouTube, while 68% regularly watch videos for entertainment. Furthermore, boomers are 1.3 times more likely to refer to YouTube tutorials than written instructions.

Tools & Resources

LPL Financial’s Marketing Consulting group has a robust suite of compliance-approved, customizable resources its financial advisors can use to build brand awareness and effectively communicate with clients and prospects. We would love to help you implement these strategies for your target market!

Questions and Consultations

If you have questions or would like to schedule a one-on-one consultation, or if you’d like to subscribe and receive email alerts when new articles become available, contact LPL Marketing Consulting at (800) 877-7210, Option 9, Option 5, Option 1, or email Marketing Consulting.

If you’re interested in a digital marketing strategy that is executed on your behalf, please visit LPL Business Solutions Discover Marketing to complete the form, and a member of their team will be in touch with you directly.

For advisor use only.

Consult your compliance department for information about the rules and use of social media and the review of all advisor marketing materials.

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Morgan is passionate about helping others with their marketing strategies and loves all things marketing. View full bio.