I do agree that email is an effective way for financial institutions to reach Gen-Y however, there are some great numbers showing great response in email driving traffic to a social media page. So I wouldn’t rule out social media. The problem these kind’s of companies have when trying to acquire new customers is that we join one back and we will stay loyal to that bank. And that’s as far as our financial ever goes until you get older. With that being said, how these companies brand themselves is not exciting and not drawing enough attention to themselves. If anything they should try and act more like a brand as to a bank or retirement fund.

In any case, it’s an absolutely huge market opportunity here in acquiring Gen-Y. But as long as an old-system remains in an old-system state of mind, we’ll continue to see lack of interest by Gen-Y in this area.