Millennials, now aged between 29 and 44, represent one of the most significant opportunities for financial advisors in 2026 – 2027.
This generation, numbering approximately 72 million people in the United States, has entered their prime earning years with an average income premium of 8.8% across large U.S. cities, outpacing local median wages.
Yet despite their growing earning power, this cohort faces unique financial challenges and holds distinct expectations that require financial advisors to fundamentally rethink their marketing and client engagement strategies.
Understanding the Millennial Financial Landscape
The millennial generation accumulated an average net worth of $173,000 by 2025, positioning them between Gen X ($311,000) and Gen Z ($32,000).
However, this figure masks significant financial anxiety within the generation.
More than eight in ten millennials (82%) acknowledge their financial planning needs improvement, and over a quarter (26%) sought professional advice from a financial advisor for the first time within the past year.
Their top financial goal is clear and overwhelming: achieving financial independence, cited by 58% of millennials as their primary life objective.
Guardian Life research reveals that 83% of millennials say having a financial advisor they trust is important to their financial confidence, making them more likely than any other generation to value this professional relationship.
This represents a fundamental shift in how this generation perceives financial guidance, contradicting outdated stereotypes that younger investors prefer to manage everything independently.
In fact, one in three millennials who don’t currently utilize a financial advisor say they are likely to begin using one in the next year, making them the most likely group to begin engaging with professional financial guidance compared to unadvised workers in other generations.
The Debt Burden Shaping Millennial Priorities
Any financial advisor seeking to serve millennials must understand the enormous impact of student loan debt on this generation’s financial trajectory.
Approximately 18.5 million millennials carry outstanding student loan debt, representing 39.9% of all borrowers.
The median student loan balance for millennial graduates sits between $25,000 and $30,000, though those in the highest tercile of student loan debt carry a median balance of $92,600 against a median pre-tax income of $98,800.
For these heavily indebted families, student loan payments consume over 14% of their post-tax salary, virtually eliminating their ability to save for long-term goals.
The consequences ripple throughout millennials’ financial lives: 83% of millennials with student loan debt have postponed major investments such as buying a home or starting a business, 72% have made employment decisions based on their debt, and 42% have chosen not to pursue further education due to existing loan obligations.
This debt burden directly shapes what millennials seek from financial advisors, with paying off debt identified as their top financial goal, even ahead of saving for retirement.
Digital-First Expectations and Communication Preferences
Millennials earned their reputation as the “digital-first” generation by growing up with high-speed internet, smartphones, and app-based convenience.
This technological foundation fundamentally shapes their expectations for financial services. Research shows that 58% of millennials are more likely than older generations to change financial providers if another institution offered a better digital banking experience, and 61% say their digital banking experience is very important.
One study found that 99% of Gen Z and 98% of millennials use mobile banking apps, compared to only 69.5% of baby boomers.
However, digital-first does not mean digital-only.
This generation exhibits surprisingly traditional preferences when it comes to advisor relationships. Millennials are actually more interested in face-to-face meetings with advisors (45%) than other generations (37%), though they expect seamless integration of digital tools alongside personal interaction.
They value having online financial tools available, with 35% saying they exclusively use online tools for financial planning, compared to 27% of Generation X and 21% of baby boomers.
The key insight for financial advisors: millennials want omnichannel experiences that combine convenient digital access with meaningful personal relationships.
The Social Media Factor in Financial Decision-Making
Financial advisors cannot ignore the profound role social media plays in millennial financial education and decision-making.
Approximately 36% of millennials report learning about financial topics from social media platforms, making these channels a primary source of financial advice for digitally native young adults. Among millennials who receive financial advice online, 39% turn to online publications, blogs, or social media for guidance.
YouTube emerges as the most popular platform for millennials to discuss financial planning, with 71% using the video platform for financial education.
Despite the prevalence of social media as an information source, less than a quarter of younger adults receive financial advice directly from their financial institution.
This represents both a challenge and an opportunity for financial advisors. As Hashim Toussaint, GM of Digital and Open Banking at FIS, notes: “As our Pulse survey reveals, younger generations are increasingly turning to social media for financial advice, which poses a challenge for traditional banks.
But while this may initially cause concerns, banks should actually see this as another medium through which they can connect to their existing customers and attract new customers to their brand”.
Financial advisors marketing to millennials should establish thought leadership on social media platforms, create educational video content, and engage with potential clients where they’re already seeking information.
However, advisors must also recognize that over 60% of millennials who receive information from social media say they have acted on that advice, making it crucial to provide authoritative, trustworthy content that can compete with less reliable sources.
Values-Driven Investing and ESG Priorities
Millennials demonstrate markedly different investment priorities compared to previous generations, with values-driven investing playing a central role in their decision-making.
An overwhelming 97% of millennials express interest in sustainable investing, with approximately 70% reporting being “very interested”.
This isn’t merely theoretical interest—65% of millennials have allocated over 20% of their portfolios to investments with positive social or environmental impact, compared to just 37% of Gen X and 22% of baby boomers.
Morgan Stanley research reveals that 80% of millennials plan to increase allocations to sustainable investments over the next year, compared with only 56% of Gen X and 31% of baby boomer investors.
Jessica Alsford, Chief Sustainability Officer at Morgan Stanley, explains the significance: “Younger investors plan to increase portfolio allocations to sustainable options at higher rates and prioritize a broader range of environmental and social issues when making investment decisions.
This suggests that sustainability could become an even greater focus area for investors in the future as younger generations gain more financial influence”.
Notably, 32% of millennials cite aligning their finances with their personal values and causes they care about as a primary reason for seeking professional financial advice. Additionally, 92% of millennials say they would be likely to select a financial advisor or investment platform based on their sustainable investing offerings.
Financial advisors who cannot speak knowledgeably about ESG investing, impact portfolios, and values-driven strategies will find themselves at a significant competitive disadvantage when marketing to millennial clients.
Building Trust and Demonstrating Expertise
Trust remains the cornerstone of millennial-advisor relationships.
Millennials rank honesty and trustworthiness as the most important qualities in a personal financial advisor, consistent with older generations. However, they demonstrate specific preferences in how advisors build and maintain that trust.
Research from Investopedia shows that 43% of affluent millennials use a financial advisor, and those who consider themselves knowledgeable about investing are more than twice as likely to have a financial advisor than their less knowledgeable peers.
When explaining why they trust financial advisors, affluent millennials cite several key factors: “I feel the personal connection gives them more stake in my success,” said one respondent, while another emphasized “Because they have received the most training, schooling, etc. in the field and are the most knowledgeable”.
Others cited the ability to have two-way conversations, develop personalized strategies, and the belief that financial advisors are accountable since their careers depend on knowledge and expertise.
Performance matters significantly to this generation. Among those who reported using a financial advisor, 27% said their investments perform extremely well, double the number of affluent millennials without financial advisors who reported the same level of performance (13%).
This data-driven generation pays attention to results and values measurable outcomes.
Educational Content and Thought Leadership
Millennials demonstrate a surprisingly strong appetite for financial education, contradicting assumptions that they prefer to learn everything on their own.
Nearly 75% of millennials say they would attend an in-person financial seminar, compared to 69% of Generation X and 62% of baby boomers.
Even more striking, 87% of millennials say knowing more about financial services and products would contribute to improving their confidence in reaching their financial goals, and nearly 100% of millennials who report having a financial plan and being on track to meet their financial goals say knowing more about financial products and services would help their confidence.
Christopher Dyrhaug, Head of Individual Markets at Guardian, observes: “We’re seeing a willingness among millennials to increase their financial acumen and work with advisors, to grow and protect their wealth.
Millennials value education and have a preference to learn in a group setting. While technology may be a facilitator, there is still an appetite for in-person learning and engagement to reach financial confidence”.
This educational appetite creates significant marketing opportunities for financial advisors.
Content marketing strategies should include blog posts addressing common millennial financial challenges, video content explaining complex financial concepts, social media posts offering actionable advice, webinars on topics relevant to their life stage, and downloadable resources like financial planning checklists.
More than 76% of millennials say it’s important that their financial advisor stays on top of the latest protection and insurance trends, indicating they value advisors who demonstrate ongoing learning and expertise.
Life Stage Considerations and Financial Milestones
Understanding the specific life stage of millennial clients is essential for effective marketing and service delivery.
Northwestern Mutual research reveals that financial uncertainty is reshaping millennial timelines for achieving major life milestones, creating unique planning challenges and opportunities.
To achieve financial security, millennials prioritize creating a savings account or emergency fund (57%), being financially self-sustaining (50%), holding minimal debt (50%), owning a home (47%), and funding a retirement account (41%).
To meet these financial milestones, millennials are taking concrete actions: identifying new ways to earn extra money (49%), reducing spending on necessary items (47%), reducing spending on discretionary expenses (45%), developing and sticking to a budget (44%), saving for future known expenses (34%), and opening or adding to retirement or investment accounts (31% each).
Financial advisors who can help millennials develop comprehensive strategies addressing these multiple competing priorities will find receptive clients.
The housing challenge particularly impacts millennial financial planning.
Sixty percent of millennials have adjusted their retirement plans at least somewhat due to housing market conditions. This creates opportunities for advisors to provide integrated planning that addresses the tension between homeownership aspirations and retirement savings.
Personalization and Demographic Alignment
Millennials expect highly personalized financial advice and services. A staggering 72% of Gen Z and 55% of millennials want a more personalized digital banking experience.
When choosing a financial advisor, millennials are more likely than older generations to seek professionals who share similar demographic qualities such as gender, socioeconomic status, and financial history.
This preference for demographic alignment creates opportunities for advisors from diverse backgrounds to effectively market to millennial subgroups who may feel underserved by traditional financial services.
Personalization extends beyond demographics to customized financial strategies.
The most common reason millennials seek professional financial advice is to help build and stick to a comprehensive financial plan focused on both growing and protecting wealth (37%), followed by investment portfolio management (26%) and retirement planning (29%).
Financial institutions should emphasize technological advances, security, personalization, and specific product offerings in their marketing to millennials.
Addressing Millennials’ Confidence Gap
Despite their earning potential and growing wealth, millennials demonstrate less confidence in achieving their financial objectives compared to other generations.
More than 62% of millennials say that getting financial advice from their employer would increase their financial confidence, representing an opportunity for advisors who can establish workplace financial wellness programs.
Christopher Dyrhaug of Guardian notes: “Our data shows millennials really do value financial planning, just as much, if not more, than a bonus at work and other life priorities, like career growth. That provides a revealing look into their mindset as related to financial confidence and how advisors can provide guidance”.
Over one-third (34%) of millennials say that a lack of financial guidance is inhibiting their ability to prepare for retirement, with 38% reporting feeling unprepared for their financial futures.
This confidence gap creates a significant opportunity for financial advisors who can position themselves as trusted guides helping millennials navigate complex financial decisions.
Marketing Tactics That Work
When millennials search for financial advisors, they typically start with Google, using queries like “financial advisors for millennials” or “financial planning for millennials”.
Financial advisors should optimize their online presence for these search terms and ensure their websites provide the information millennials seek.
When evaluating specific financial advisors, millennials review the advisor’s website, watch videos the advisor has created, and read blog posts they’ve written.
This type of content proves particularly helpful for understanding an advisor’s style, values, and perspective.
Social media activity also helps millennials evaluate financial advisors, with prospective clients examining what types of financial discussions advisors regularly engage in online.
Financial advisors marketing to millennials should maintain active, informative social media presence across platforms where millennials spend time, particularly YouTube.
The advisor’s experience remains the first priority for millennials when selecting a professional, though they weigh this factor slightly less than older clients.
Demonstrating expertise through thought leadership, educational content, and clear communication of credentials helps establish credibility with this audience.
The Opportunity Ahead
The millennial generation represents an enormous and growing opportunity for financial advisors.
This cohort has entered their peak earning years carrying significant financial challenges, particularly student debt, but also demonstrating remarkable openness to professional financial guidance.
They’re more likely than previous generations to value trusted advisor relationships, seek financial education, and align their investments with their values.
Financial advisors who adapt their marketing strategies to meet millennials’ digital-first expectations, provide values-driven investment options, establish thought leadership through educational content, and build personalized relationships will position themselves to capture this enormous market opportunity.
As the 55% of Americans who believe professional financial advice between ages 25 and 39 is highly important or critical to long-term financial security, the advisors who effectively market to millennials today will build practices that thrive for decades to come.
The Northwestern Mutual Planning & Progress Study concludes: “Gen Z and millennials are charting a new course when it comes to financial planning.
Their timelines for achieving major life milestones are being reshaped by a combination of evolving personal priorities and the very real economic challenges facing Americans today.
That’s why it’s encouraging to see young adults turning to professional financial advice earlier.
By working with a financial advisor while they are still young, Gen Z and millennials can gain the tools and confidence they need to navigate their unique paths toward financial success”.
