India is home to 40 crore millennials, the highest millennial population in the world, says a wealth report published by Julius Baer, one of the largest wealth management firms in the world.
India’s millennial population is five times more than the US. In fact, India has more millennials than the entire US population. China follows India with millennial population of 39 crore.
The report finds that there is one stark difference between the millennials and the older generation. Exclusive experiences is what matters most for millennials. The idea of luxury has shifted from handbags and watches to experiences such as dining out and travelling around the world.
In this search for a greater purpose in life, experiences often reign over goods for them. These experiences may include a round-the-world trip to explore diverse cultures or a gruelling marathon through the Sahara desert, finds report.
Cafemutual has done a story on attracting millennial clients; you can read the story by clicking here. Here are a few excerpts from the article that will help you recollect tips to acquire young clients.
Advisors should make millennials identify their short-term goals such as foreign holidays to get them started on mutual funds. Once they see the benefit of mutual fund investments, they start investing for their long-term goals.
Most millennials want to retire early. So one way to attract millennial clients is to talk about early retirement and how investing early can help them retire early from their professional life.
