Millennial-focused financial planner leans into advice-focused vision with strategic rebrand
Whether it’s due to their higher propensity for digital services, exposure to finfluencers, or greater willingness to reject traditional notions of retirement, millennial clients have emerged as a demographic with unique financial planning needs. And while many advisory practices have been built around this young adult segment, one advisor is making his commitment plain to see.
This year, Samuel Lichtman is starting a new chapter in his journey as a financial planner: from Achieve Wealth Management, he’s officially re-christened his practice as Millen Wealth Advisors.
“The rebrand was really important. I need to let people know who we serve … it’s not just any client that breathes,” Lichtman told Wealth Professional.
As he tells it, the change in business name – now reflected on the website and across social media channels – emphasizes the firm’s dedication to serving millennials specifically. The business is registered to serve clients across several provinces: Lichtman is licensed for both life insurance and investments in Ontario, Alberta, Saskatchewan, and New Brunswick, and is registered only for investments in BC and Quebec.
Continuing from his previous practice, Lichtman wants the business to be driven by advice focusing on areas that matter the most to millennials such as investing and debt reduction. Aside from offering advice, Lichtman is also helping clients access products to properly complement their financial plans. That includes a partnership with a mortgage firm, and another planned partnership with a fintech firm that offers digital checking and savings capabilities.
“We're small and nimble, so we're able to really get our brand and messaging out there,” Lichtman says. “We want to create a wealth management and financial planning avenue that isn’t product-centric for millennials, so they can unbank themselves as best as possible.”
To fine-tune his advice appropriately, Lichtman is segmenting his client base into two buckets: employed clients and business owners. Among other critical services, he says he’s leaning into cash flow planning – a subject close to both groups’ hearts, and something he knows well as a financial planner and entrepreneur.
Lichtman is also doing his part in promoting access to financial advice, offering pro bono financial planning for households earning less than $50,000 a year. Under that initiative, he’s inviting eligible people to add their names to a waiting list; one household will be selected on a first-come, first-serve basis to receive a financial plan free of charge.
“I think there's just not enough good financial services out there for millennials, especially if they don't have a million dollars with their financial institution. We’re also hearing stories of bank advisors pushing their clients into complex products that make them big commissions,” he says. “That’s not our game. … We’re here to help change that.”
To make sure he attracts the right clients, Lichtman is disclosing details about his fees on the website. While he’s known for some time that millennial clients and prospects want to see that information on advisors’ websites, technical limitations on his previous site, among other factors, prevented him from offering that kind of transparency before.
“Our target demographic is super active on social media … I’ve got a strong presence across platforms, almost 90,000 followers, and I’m bringing on another person who’s got 95,000,” he says. “We’re also planning to hit hard with our SEO through trendy, short-form blog posts. That includes taking our TikTok and Instagram videos, transcribing them, and turning them into blog content.
“Social media isn't just about reach; it's about engagement. We're tapping into what our audience wants to know, like the basics of RRSPs or TFSAs, and breaking it down in a way that's easy to digest,” Lichtman adds. “The goal is to make our firm the go-to resource for millennials.”
Looking out onto the long term, Lichtman says he aspires to provide clients with a full suite of services, with the goal of giving millennial clients an alternative to working with traditional banking services.
As holistic financial planning increasingly becomes table stakes across the industry, he’s also aiming to become a one-point contact for clients to approach for a range of services, from mortgage advice to wealth management.
“I think there's definitely a growing sentiment that banks aren't in the advice business for the best interests of their clients,” Lichtman says. “I'm not going to disrupt any industry with this, but I think it's a really competitive service offering to be able to have for millennials out there.”
