Financial advisors interested in working with the next generation of wealth, a generation characterized by its “general distrust in financial institutions,” may want to pay attention to Vox’s report on the world of finance rebranding itself as a “wellness” industry. With many younger investors confused by, or even afraid of, the stock market, finance is in dire need of a “rebrand,” says the report.
Compared to Silicon Valley and the startup scene, finance has lost its coolness factor, as well as what little touch in had with millennials and women, the report noted. Dense jargon and an army of “gatekeepers” end up alienating young investors, but there are a number of consumer-facing services, like Acorns, Betterment, Ellevest, Wealthfront and Stash, as well as financial literacy sources, like Grow, that are attempting to bridge the gap between finance and young professionals.
Even the New York Stock Exchange is making attempts to communicate with young investors via appeals to social media users. “I don’t think people expect the New York Stock Exchange to have thorough material on Snapchat or Pinterest, but if those are channels a younger audience values, it’s where we are going to put together great educational materials,” Matthew Kobach, digital and social media manager at the NYSE, told Vox.
Interested in the type of business TV younger investors are tuning into? Cheddar might be the digital streaming service to log into, the report noted. With millennials growing older and entering strong earning years, they are open to financial education and planning, said a partner at one of the company’s investors. The media firm even bought an MTV-branded college campus cable network earlier this year.
Another media service, Stackin’, texts its user base with financial education tips. To grow its audience, it’s reportedly considering hiring—surprise, surprise—financial planners to interact with its users.