Millennial Myths that LOs Should Disregard

Millennials have a long list of stereotypes circulating around, many of which don’t paint them in the most favorable light. The best way to be prepared to work with any group is to know more about them. This week, I wanted to clear the air on a few of the most common myths surrounding millennials. Let’s dive in:

Myth #1: They’re Impulsive

I’m not sure how millennials got this reputation, as there’s no real basis for it. Millennials aren’t afraid to think outside of the box to make things happen, but they aren’t typically impulsive. Millennials usually will do their due diligence before making a decision. Count on your millennial clients to be thorough and exacting in their decision-making, and factor that into how you approach them and interact with them.

Myth #2: They’re Problematic to Work With

Millennials are typically careful when making decisions. They ask questions and take time to make informed decisions. They expect prompt responses to their questions, and they appreciate responsive communication. Millennials have gotten a reputation for being hard to work with, but the truth is, they just need to be understood. Work to offer your millennial clients a top-notch client experience backed with your professional knowledge to create a smooth experience for all parties.

Myth #3: They Don’t Value your Expertise

Somehow millennials got a reputation for being ‘know-it-alls’, but that isn’t usually the case. Millennials make an effort to be knowledgeable about purchases and big decisions by doing in-depth research. When it comes to financial decisions, they’re likely going to have a lot of questions. If you share your knowledge, they will most certainly appreciate your help. They will likely still do research on their own, but highlighting your expertise will help you build a solid relationship.

Myth #4: They’re All Alike

Perhaps one of the biggest misconceptions about millennials is that they are all alike. Millennials do share some common traits, but they aren’t all the same. If you’re able to work one-on-one with them and give them the quality care they’re looking for, then you’ll get a chance to know each of your clients individually and customize your care to give them what they need. Just as with all clients, if you can identify their specific needs, then you can offer the best client experience possible.

Millennials have gotten an undeserved reputation that includes some less-than-desirable qualities. Don’t let that interfere with your client relationships when it comes to working with the demographic. It’s true that most millennials conduct a lot of their own research before making a decision, they value prompt communication, they’re tech-savvy, and they have high expectations for the services they utilize; but all of that can be used to your advantage. The key is to remember that just like any other client, every millennial client is different.

I wrote recently on how best to reach millennial prospects, and you can read that, here.

Good luck and let me know how any of these tips may have helped you!

Don

If you’re a loan officer, sales manager, or branch manager considering new opportunities, don’t hesitate to reach out to hear about some terrific opportunities.

Don Riggs

P: 303-249-8274