According to a recent report by Goldman and Sachs, Millennials are those born between 1980 and 2000. They demand digital services and convenience at the lowest cost and are never too far away from their mobile phones.
The oldest Millennial is now 42 years old, and many have young families, property and investments to consider, and the recent pandemic has resulted in an increasing number of them writing their Wills.
According to a study conducted by LegalZoom and Caring.com, at least 27% of 18-34 year olds put together a Will in 2021. Compared to 18% in 2019. Those who put together a Will during this time cited the pandemic as their main motivation.
With a growing number of Millennials demanding estate planning services, what can you do to attract and support them?
How to serve the Millennial market
Reach Millennials where they congregate, the internet. Providing online solutions to Will drafting not only enables estate planners to meet Millennial expectations of convenience, but it also enables them to reach them through social media, email marketing and websites. Explore Online Wills
Utilising marketing tools, like Arken’s Will lead generation tool (Arken Intestacy), can also help organisations to generate leads and engage with Millennials in a familiar setting. The intelligent survey tool produces personalised reports on what would happen should they die intestate, offering useful advice which builds trust whilst also generating leads for the business. Explore Will Lead Generation
Digitising services through Arken’s client data capture tool (Arken Acquire) can be a boon too, not only by unifying the data capture process but also by providing a digital manner in which clients can provide their information. Whether that’s via email or through a website, it provides convenience for both the Millennial generation and the estate planners themselves. Explore Data Capture
There’s no question, Millennials are the next target audience for Wills & Trust professionals and their demand for estate planning services has somewhat been brought forward by the pandemic. Investing in the right tools and setting up new digital processes will help your organisation harness this opportunity.
To find out more about how Arken can support you in reaching and engaging this target audience, contact us today.