Reach Your Target Audience during Life’s Biggest Stages

Life is full of exciting stages, from beginning a career to planning for retirement and everything in between.  As a financial advisor, it’s important to stay in front of your clients during these milestones. Check out these strategies for staying in touch with your clients during their key investing stages, including young accumulators, experienced accumulators, pre-retirees, and retirees.

Young Accumulators

Early investors range in age from 18 to 40 years old and are known as millennials or Generation Y. Heralded for their tech savvy, young accumulators are typically early adopters of new technology and prefer to stay in touch through messaging apps, texting, and social media.

But they don’t just use social media to stay in touch—increasingly, it’s becoming a preferred way to seek financial education. In fact, a Forbes online survey¹ found:

• 79% of millennial survey responders have looked for financial advice on social media
• 62% feel empowered by the access to financial advice that social media provides
• Millennials consider Reddit and YouTube the most trusted platforms for seeking financial advice 
• 35% seek financial advice from family members and 33% conduct internet searches for financial education
• Only 11% of millennial survey respondents use a financial advisor

Tapping into social media’s vast audience gives you a unique opportunity to amplify the value of working with a qualified financial professional who has the knowledge and experience needed to offer sound financial guidance. Particular topics of interest to young investors include tips for creating and following a realistic budget, investing basics, understanding their corporate benefits plans, and how to start saving for the future.

Focus your messaging on topics like these, but remember to also have fun. Young accumulators are used to the connectivity that social media provides, so consider building interest- or hobbies-based communities to increase engagement and deepen your relationships with this audience.

Experienced Accumulators

Experienced accumulators fall under the Generation X category, and are between the ages of 42 to 57. Despite comprising just 20% of the US population², they make up about 30% of the country’s total income³ and hold the most debt.⁴

Many of these investors feel overwhelmed by midlife milestones such as becoming empty nesters, caring for aging loved ones, advancing or changing their career path, and planning for retirement. Gaining confidence that comes from financial stability is a top priority for this group.

While marketers frequently overlook this demographic in favor of reaching pre-retirees or millennials, financial advisors like you can stand out by appealing directly to Gen Xers. This group in particular shies away from “sales” lingo and gravitates toward an authentic partner who can help them with their complete financial picture.

Despite having grown up largely without the internet and digital devices, a recent study showed that 80% of Gen Xers now rank texting as their most-used communication method⁵, followed by email. And when it comes to social media activity, a whopping 76% are on Facebook, 70% watch YouTube, 47% engage on Instagram, and 39% use Twitter.⁶

Providing insightful thought leadership on your website and across your social media platforms can help increase engagement opportunities with this audience.

Pre-Retirees and Retirees

Pre-retirees and retirees are around the ages of 57 to 75 years old. These baby boomers make up 55% of all depositors in financial institutions and own 77% of all assets in the US.⁷ They also have eight times the net worth of millennials.⁸

Given the significant life events and economic ups and downs this group has lived through, it’s no wonder that they’re especially cautious about their finances. They prize integrity and credibility and respond well to effective storytelling, especially from individuals they identify with and trust.

When it comes to reaching this demographic, don’t disregard social media. As of Q3 2020, 78% of baby boomers were on Facebook, 67% viewed YouTube, 32% favored Instagram, and 31% used LinkedIn.⁹ Pre-retirees and retirees use their mobile devices as much as they use their desktop or laptop computers, so adjust your marketing accordingly by developing emails and landing pages that will be clear and user-friendly.

Despite gaining more familiarity with digital connectivity, direct mail is still an effective marketing tool for retirees. In fact, 89% of seniors expect and look for offers in the mail.¹⁰ And while digital marketing prices have increased by 10.5% in 2023¹¹, the cost of a single postcard increased by just 1.57%.¹² So direct mail marketing for seniors may not only give you a better response, but it could save you money as well.

Bottom line, using an integrated, multichannel approach that highlights your credibility and weaves in testimonials from clients who are either nearing or enjoying their retirement is an effective way to strengthen these connections.

LPL Can Help You Reach Your Target Audience

No matter who your target audience is, it’s important to meet them where they are. LPL’s Marketing on Demand has many resources our advisors can use to stay in touch with clients during life’s milestones. From the basics of budgeting and investing, to helping new couples and parents plan for the future, to guiding pre-retirees through their next chapter, Marketing on Demand has something for each of these key client demographics.

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.

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

Katie enjoys all things social media and you will often find her researching all of the latest and greatest trends. View full bio.