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Wednesday, April 12, 2017

Prepare for the Thunder

News summary by MFWire's editors

Do you have what it takes to sell to millennial advisors?

Andy Sieg
Merrill Lynch Wealth Management
At SIFMA's private client conference last week, Andy Sieg committed to strengthening the firm's base of young advisors "from all walks of life."

Reuters reports that the head of Merrill Lynch told attendees, "Make no mistake, when we look out over the next 10 years the thundering herd will be growing."

A younger advisor force is inevitable, and asset managers will have to rethink how they appeal to the next generation of intermediaries.

Social media is one area where the industry seems underprepared for this shift. Citing compliance concerns, many asset managers have shied away from having an online presence. That may fly with current advisors, but when you're targeting people who have been using social media for all of their adult lives, it's tougher to pull off.

According to a survey conducted by Greenwich Associates at the end of last year, 32 percent of asset managers report that they don't use any social media. And three quarters of those fundsters have no plans to start. So far, LinkedIn has seen the greatest industry adoption by far because it's easier from a compliance standpoint.

Chasing the latest social media trends could be a losing game, though. Newer platforms, like Snapchat, pose an entirely new compliance nightmare: content disappears once it's viewed.

Barron's, InvestmentNews, and ETF.com also reported on Sieg's plans for Merrill. 

Edited by: Katy Golvala

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