According to our research, Baby Boomers (those aged 65-85 years old) make up the majority of professional estate planners’ client base. This isn’t particularly surprising given their age, and that they own 80% of the UK’s private wealth (Dunstan Thomas, 2022).  

However, we also discovered that Generation Xers (those aged 45-64 years old) are the main client base for 40% of respondents to our survey. A higher proportion than anticipated.  

The next cohort of clients, however, are Millennials, and the oldest one is already 44. This group is set to benefit from The Great Wealth Transfer, the biggest movement of money via inheritance since records began. Our recent survey found that 65% of them are set to inherit over £200,000 each, but also that 48% of them are reliant on this inheritance for their lifetime financial plans. 

So what? 

Millennials have very different buying behaviours when compared to their Baby Boomer parents. They’re so different in fact, that they’re actively changing the shape of industries and how they deliver services.  

Netflix, AirBNB, Peloton, Mobile Banking, Just-Eat, Uber, and many more have already disrupted their markets by catering to the Millennial’s demand for on-demand convenience.  

Millennials are digital natives who are more inclined towards online interactions and seek services that offer quick responses and easy accessibility.  

Figure 1: Generational preferences and buying behaviours.  

Your peers are already preparing for them 

From our recent study, we found that roughly 50% of firms are preparing their service delivery for this tech-savvy group.  

72% are investing in digitising more of their processes so their turnaround times are quicker. 68% are working on becoming more accessible for new clients via digital channels – e.g. social media and their website. And 54% are introducing more communication channels for their clients, so they’re more convenient to contact. 

Our recent survey also found that only 23% of firms have a direct relationship with their client’s beneficiaries. Suggesting that if a competitor were to offer more convenient services, the Millennial client base could be easily stolen away.  

Top tips for servicing Millennials 

1. Have digital capability – have an online presence, including user-friendly websites and active social media profiles. Offer virtual consultation options and utilise chatbots for instant responses to queries.  
2. Be convenient and online – provide convenient ways for your clients to interact with you during the estate planning process. Streamline the process by introducing innovative technologies that help to create real efficiencies.  
3. Educate & support – create useful, educational content for Millennials about what areas of the estate planning process mean. Advise them through the content you create online and build a trusted, digital brand.  
4. Talk to current clients – ask your clients or the Millennials that work for you, how they would like the process to work, what puts them off and what would make things more convenient for them.  

How to prepare your business for tomorrow 

When digitally transforming your business, it can help to start by assessing your current processes and interactions with your clients and identifying areas for improvement. You can then invest in the tools that will plug particularly inefficient gaps.   

Monitoring processes and asking for feedback from clients will help uncover any adjustments and optimisations needed. Staying informed about emerging technologies enables you to remain competitive and evolve to meet your client’s needs.  

At Arken Legal, we provide a product suite that creates convenient, digital communication and engagement channels for your clients. We also provide an online Wills option and software that helps you reach new clients online.  

They’re designed to help futureproof your organisation, digitise processes and drive real efficiencies that benefit both organisations and their clients alike.  

For more information about Arken Legal’s product suite, visit our website.