Millennials, Gen Zers Are Gaining Wealth, But Advisors Aren’t Meeting Them Where They Are

Younger Americans are positioned to inherit and build substantial wealth in the years ahead. Yet many financial advisors struggle to meet them where they engage most often; namely, on digital platforms, including social media feeds where video-based financial content is increasingly influential. Some advisors may feel uneasy about these channels or face compliance constraints that limit participation. Still, avoiding them altogether can mean missing meaningful opportunities. Here’s what advisors might want to know about how younger generations are accumulating wealth, where they seek financial guidance and how advisors can thoughtfully connect with them.

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Burgeoning Wealth Among the Young

Generation Z saw its wealth grow dramatically between 2019 and 2022. Drawing on data from the most recent Survey of Consumer Finances, Cerulli Associates found that Gen Z saw their wealth triple between 2019 and 2022, going from an estimated $2 trillion to $6 trillion. ¹

For these young folks, wealth comes from sources such as investing in their retirement accounts and experimenting with brokerage accounts. They also stand to inherit significant wealth from older generations.

In fact, 81% of the $124 trillion that is expected to be transferred through 2048 will come from households in the baby boomer generation, according to Cerulli. Much of that money will trickle down to their children’s and grandchildren’s generations: millennials and Gen Z. ²

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Sources of Financial Advice

Americans draw financial guidance from a wide range of sources, including online platforms and social media.

A recent study conducted by the Federal Reserve Bank of Philadelphia’s Consumer Finance Institute of 5,000 adults examined how people seek financial advice. ³ The survey found that 68.2% of respondents had sought financial advice at some point. “Interpersonal connections,” such as friends, family members, community organizations and clubs, ranked as the most common source, followed by financial websites and financial advisors.

Social media emerged as the third-most common source of financial advice. Among those who had sought advice, 28.5% (nearly one-fifth of all respondents) reported turning to social media for guidance. Usage skewed notably younger: 38% of respondents ages 18 to 35 said they relied on social media for financial advice, compared with 18% of those ages 36 to 55.

Preferences also varied by platform. Among respondents who use social media for financial advice, nearly 66% cited YouTube, followed by Facebook (54.7%), Instagram (44.2%) and TikTok (36.4%). About one-third reported using X, while smaller shares turned to Reddit (20%) and LinkedIn (15%).

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Advisor Social Media Strategies

Generally, financial advisors aren’t flocking to the platforms favored by young folks. In a recent SmartAsset survey on marketing trends, advisors listed Instagram and TikTok as the least-used social media platforms. Approximately 82% and 97% of financial advisors say that they never use Instagram and TikTok, respectively.

More than seven in 10 financial advisors say that they never use YouTube and Twitter. Instead, advisors prefer LinkedIn and Facebook, platforms often associated with older and more established users.

So what explains the gap? Financial advisors may not be able to engage on every platform due to technology limitations, content demands or compliance considerations. Still, they can draw meaningful insights from the growing shift toward digital, video-based financial advice and apply those lessons to refine their marketing strategies.

To explore what this trend means in practice, SmartAsset spoke with Kerri Feazell, video strategist at Authentic Advisor Video, and Samantha Russell, chief evangelist at FMG Suite, to better understand what advisors should know.

Should Advisors Use TikTok?

Short answer: It depends. Advisors don't need to be on TikTok if that's not where their base spends its time, experts say.

But even if they're not on the platform, advisors must still understand up-and-coming and Gen-Z-facing sites such as TikTok. "While I don't think advisors need to be actively using TikTok to succeed, and most cannot use it, in fact, because most compliance departments will not allow it still, it is worthwhile to understand why it is so popular and growing so fast," Russell says.

One significant reason is that video has an impact that other media doesn't. "When someone sees your face and hears your voice on video, it helps build that connection and rapport that you don't get from written communications," Russell says.

3 Ways Advisors Can Improve Social Media and Video Marketing

Social media and video content give advisors a direct way to build credibility and reach younger audiences where they already spend time. With the right approach, these tools can support business growth, highlight expertise and open the door to stronger client relationships.

1. "Lights, Camera, Actionable Advice" 

It’s time to brush up on your movie-making skills, even if becoming a TikTok influencer is not your goal, Feazell says.

“If your goals are closer to using a video strategy to establish trust with potential clients, retain clients and gain referrals by educating existing clients and/or attract new advisor talent to grow your firm, those are excellent business reasons to invest in a video strategy,” she says.

Advisors may choose to embed videos in emails or newsletters. They can also upload them to YouTube. (One additional benefit of YouTube is that it can improve your ranking in search results.)

2. Find Your Niche

“On any platform, reaching a 'younger audience' is not specific enough,” Feazell says. “If you want your video to be seen by anyone ages 25 to 35, that’s much less powerful than targeting a very specific niche, which is the power of using platforms that collect a lot of data about their users.”

She recommends getting as specific as possible about your customer, then targeting that group with video ad content.

3. Check With Compliance 

You know the drill. “Always check in with your compliance guidelines before creating video and throughout the process,” Feazell says.

Disclosures and some other requirements may be added to videos after filming. But you don't want to find out that you've inadvertently filmed something verboten once it's in postproduction.

"Most advisors are still not allowed to use TikTok," Russell says. But if you are a registered investment advisor (RIA) that self-manages compliance, she adds, "The good news is that the videos that perform best stay far away from any investment advice and stick to basic budgeting and personal finance tips."

Bottom Line

Younger generations are building and inheriting wealth at a pace that makes them an increasingly important audience for financial advisors. While many advisors may not be able to engage directly on every social media platform due to compliance or resource constraints, ignoring digital and video-driven trends altogether can limit long-term growth. Advisors who focus on education, niche targeting and compliant video strategies can still build trust and visibility where younger investors spend their time. Adapting marketing approaches to reflect how these audiences seek information doesn’t require becoming a social media influencer, but it does require staying informed, flexible and intentional about how and where you show up.

Tips for Growing Your Financial Advisory Business

• Growing your firm is one of the most important things you will do, but you don't have to do it alone. SmartAsset AMP (Advisor Marketing Platform) is a holistic marketing service financial advisors can use for client lead generation and automated marketing. Sign up for a free demo to explore how SmartAsset AMP can help you expand your practice's marketing operation. Get started today.
• Consider expanding your radius. SmartAsset’s recent survey shows that many advisors expect to continue meeting with clients remotely following COVID-19. Consider broadening your search and working with investors who are more comfortable with holding virtual meetings or spacing out in-person meetings.

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