Goal-Based Planning: Catering to Millennials Needs

Youth Friends Friendship Technology Together Concept

Projected to make up 46% of the workforce by 2020, the millennials surpassed the Baby Boomer generation in sheer size this year.¹ Being 75.3 million strong, they’re anything but quiet. They’re perspectives on life and personal finance along with their demands vary immensely from their Boomer predecessors. While their grandparents took concern more often with home ownership, retirement, and estate planning, millennials bother less with these aspects of personal finance. A recent InvestmentNews article considered the financial services millennials really value. And with a little exploring them, advisors can find creative ways to relate to this younger generation. Let’s take a look.

Surprisingly enough, medical advancements come into play for millennials thinking about retirement. Why? Simply put, they’re expecting to live longer than previous generations. This elicits a very different regard for retirement planning – they see it as too far off. They’d rather not discuss it quite yet, so consider tabling this discussion until 5 or ten years down the road and focusing on other, immediate needs.

Student debt is also the new norm (and at the average amount of $30,000 per millennial) which gives advisors and financial planners the perfect opportunity to replace the retirement discussion with one about loan payment options, appealing to millennials’ immediate needs a bit more.

Along the same lines, more than any other generation, millennials are pursuing higher degrees. Whatever the drive – money, fear of the real world, career change, mere desire to excel – millennials are enrolling at a higher rate and making up 40% of the unemployment population following their graduation. And for those who haven’t made the move, they’re probably thinking about it. Regardless of final decision, one commonality across the board is the daunting monetary investment required for a higher education. Advisors can play an integral part in the “To MBA or Not MBA?” question² by walking millennials through the financial planning of whether a master’s degree will render ROI and a bigger paycheck down the road.

Career Planning
As discussed in a recent blog post, female investors offer a niche opportunity for financial advisors. For the select few of you not convinced by this quite yet, what I am about to say may tip you over the edge. When it comes to female millennials conducting salary negotiations, they typically request less than their male counterpart. And get it. Advisors can play a role in helping millennials – both female and male – navigate salary negotiations, helping them realize that asking for just 5-10% can make a significant difference for long-term financial planning.

Furthermore, when it comes to career planning, the average amount of time millennials spend at one company differs greatly from their predecessors. Whereas recruiters and hiring managers used to place more weight on the experience of 4 or more years at one company, two now suffices. With the constant career shifts, millennials are faced with varying 401k options, as well as health and wellness benefits that seem increasingly complex. Advisors can lend a hand in guiding millennials through their options and what may fit them best as they navigate those decisions.

Short Term Ambition
Some have the travel bug, some are considering launching a start-up – whatever the short term goal may be, millennials want help planning for it. They would rather monetarily account for 1-5 year plans, as oppose to 10-20 year plans. And they’ll look to an advisor who can help them strategize on how to trek around South Asia for six months or bring their new app to market.

So nix retirement, nix estate planning conversations- at least for now and for most. These are typically not top of mind for the under-40 crowd. By catering to the career aspirations and personal finance goals of the younger generation, advisors can tap into unique ways of connecting with and ultimately onboarding millennials as clients.

At SS&C Advent, we’ve observed and digested the varying goals of different generations and built flexibility into our solutions so there’s a little something for everyone. By tapping into the power of technology – elegant interfaces, convenience through mobility, reporting on the fly, account aggregation and more – we’ve developed Black Diamond to help advisors more fluidly grow their firm and appeal to investors of all ages. Integrations with CRM, financial planning, proposal generation and analytics systems allow advisors to cater their conversations and services to best understand the financial needs of clients.

Ready to explore more Black Diamond features that can help you attract the next generation? Look no further.

Anne Acosta is Senior Manager of Solutions Marketing and leads Advent’s marketing efforts in the advisory space. Joining Advent in 2004, Anne’s financial technology experience spans product marketing, competitive intelligence, product management, and consulting in wealth management and capital markets segments.

  1. Millennial College Graduates: Young, Educated, Jobless, Newsweek
  2. Retirement planning? Say what? Here are the services millennials really want, InvestmentNews
Posted in Wealth Management and Financial Planning

Happy Thanksgiving! 3 Tools to Get a Bigger Piece of the Pie

To help you close more business this holiday season and going into 2016, we thought you might enjoy a few tools.


Find out how today’s killer app – the client portal – can help you both attract and retain clients with a compelling client experience. In addition, efficient client segmentation can be your key to wealth management productivity and higher profits. And the Black Diamond wealth platform can help you do this all in one place.

To get feasting on this great content, click here.

Kendall Reischl manages Advent’s external communications program through public relations and social media.

Posted in Wealth Management and Financial Planning

Bridging the Gap: Capital Markets & the Digital Client Experience


Live Webinar: Capital Markets and the Client Experience Imperative

Thursday, December 3, 2015
2:30pm ET/11:30am PT
Duration: 1 hour 

For many Capital Markets firms, providing a digital client experience is becoming more and more of a necessity as a way to stand out from their peers. However, the difficulty of integrating data across the client lifecycle makes the application of client communications technologies very challenging in practice.

Join CEB TowerGroup analysts along with SS&C Advent experts to explore how firms can tackle these challenges and leverage technology to open new channels of communications with clients.

You’ll hear more about:

  • The shifting expectations of investors
  • Drivers behind the increased importance of digital offerings
  • 3 strategies for adapting your firms communications to the digital era


Kendall Reischl manages Advent’s external communications program through public relations and social media.

Posted in Traditional and Alternative Asset Management

SS&C Advent Honored Twice at the WatersTechnology Buy-Side Awards

PrintIt is exciting to share that Geneva has been selected as ‘Best Portfolio Accounting Platform’ and Advent Portfolio Exchange (APX) as ‘Best Buy-Side CRM’ at the WatersTechnology Buy-Side Technology Awards 2015.

Adopted by clients in over 28 countries, Geneva excels at accounting and position keeping for most any instrument, within any structure, and in any region. Recent enhancements include: market specific capabilities for Brazil, Chile, and Mexico, flexibility in accounting for different instruments types including non-deliverable forwards and swaps, as well as a host of other important updates for technology, connectivity, scalability, and regulatory considerations. Indeed a ‘Best Portfolio Accounting Platform.’

Serving over 900 clients globally, APX is an enterprise-wide highly scalable solution that integrates portfolio management, client relationship management, and client reporting on a single platform. Besides the resulting lower TCO to firms, relationship managers using APX vastly improve their ability to service clients. Quick, easy, and accurate surfacing of information from detailed contact and portfolio data makes APX an invaluable offering to buy-side firms.

As a result of the core solutions themselves as well as our constant investment in making them even better, we’ve seen continued momentum in the acquisition of new clients both domestically and internationally across hedge funds, asset managers, family offices, fund of funds, wealth managers, and more. With SS&C’s acquisition of Advent, the commitment to Geneva and APX is firm – they are key solutions for our clients, and we are proud for them to be recognized as such with these awards from Waters Buy-Side Technology.

Learn more about the newest upgrades and more features of the Geneva and APX platform.

Shana Bruner, Director, Solutions Marketing has been with SS&C Advent for 8 years. She has responsibility for marketing our portfolio accounting, trading, compliance, and additional solutions to clients, prospects and other industry participants.  Prior to joining Advent, Ms. Bruner led a sales team at Bloomberg and held various positions at J.P. Morgan, including fixed income sales with J.P. Morgan Securities.

Posted in Product News

Highlights from T3 – Enterprise Edition Conference


If you want to know what is coming for advisor technology, then spend a couple of days at a T3 (Technology Tools for Today) conference.

Held earlier this week, T3 – Enterprise Edition featured over 40 technology firms showcasing their wares to over 100 large RIA and broker-dealer executives looking to learn the latest innovations for how they can take their businesses to the next level.

Due to its unique format as one of the leading technology focused conferences in the wealth management industry, T3 attracts and displays the latest innovations to help advisors be more productive, streamline workflows, and enhance the service they provide to clients. Put on by industry technology guru, Joel Bruckenstein, T3 becomes ground zero for advisor technology twice a year and serves advisory firms of all sizes.

Bruckenstein opened up the conference by referencing a recent study by Fidelity that pointed out the benefits of advisors who were classified as “eAdvisors,” meaning these firms have made a commitment to technology in their businesses. “On every metric, eAdvisors are more productive, have 40% more AUM, serve 55% more clients, work with more next generation clients, and ultimately are more happy in their jobs than those advisors who aren’t,” Bruckenstein said.

This year, it was clear that the top trend in the industry is all about enhancing the client experience online. Due to the early success of the robo advisor movement, the rest of the wealth management industry is looking to take the best of what robos offer and make them available to human advisors. Taking this concept to reality, MoneyGuidePro’s CEO Bob Curtis announced the expansion of MyMoneyGuide labs – an online, self-service way for investors to engage in the planning process and serve as a prospecting tool to build new relationships.

Riskalyze CEO Aaron Klein probably summed it up the best when he said, “The future of advice will be human-driven and technology assisted.” This thought has been translated across the industry into some very exciting advisor technology initiatives.

Automating the ways clients can access financial information and have a view into their portfolios across all mobile devices was front and center at the conference. People today have changed expectations in how they want to work with their service providers, and historically, the wealth management industry has been slow to adopt these principles.

Leading technology firms, however, are driving innovation with powerful client portals that can aggregate the clients’ entire financial position, integrating that view with real-time portfolio management data and the client’s financial plan to provide an at-a-glance view of where they stand vis-à-vis their goals.

To emphasize this point, eMoney Advisor SVP Drew DiMarino’s advised the crowd that, “The battle will be lost and won at the client experience level, thus you need to get to your clients and prospects first. Ultimately, you want people on your platform under your brand, before they get to someone else’s.”

Another top trend at T3 was all about integration. To enhance advisor productivity, back and front office systems such as CRM, Rebalancing, Portfolio Management, and Financial Planning need to talk to each other, share data and simplify advisor workflows. Multiple sessions discussed this theme and were top of mind for the attendees looking to enhance their technology stacks for their businesses.

The good news for SS&C Advent clients is that the new, award-winning Black Diamond Investor Experience (which includes a client portal, vault, and client communications tools), the Black Diamond Link program, and the extensive Black Diamond Integration Network have been designed specifically to address these themes of enhancing the client experience online and driving efficiencies through meaningful integrations.

So, if you haven’t explored these options to enhance your client service experience through technology, you might want to get going. Technology change waits for no one. Next year’s T3 – Advisor Edition conference will take place in sunny Fort Lauderdale on February 10-12, 2016.

Timothy D. Welsh, CFP® is President and founder of Nexus Strategy, LLC, a leading consulting firm to the wealth management industry, and periodically blogs for Advent’s On Point blog. He can be reached at tim@nexus-strategy.com or on Twitter @NexusStrategy.

Posted in Wealth Management and Financial Planning


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