Many millennial advisors realize that most millennials are concerned about their financial futures, Angie Herbers writes in ThinkAdvisor. Millennial advisors have also figured out a way to serve their peers as clients in a way that has eluded older advisors, according to Herbers, a consultant to financial advice companies. While they understand that most millennials can’t afford traditional financial advice just yet, they also realize that they don’t need that much ongoing advice in the first place, she writes. These advisors are charging a monthly retainer fee around of around $215 a month, according to Herbers.

While that may not seem like much, their services are focused on the basics: budgets, a simple financial plan and basic advice on investments and where to set up a portfolio, she writes.

They also communicate via texts or calls rather than in-person meetings, and they don’t manage assets, which means they don’t need to provide ongoing monitoring, according to Herbers.

That level of service means millennial advisors can take on closer to 135 clients instead of the typical 85 most financial planners max out at before service starts to suffer, she writes. That number of clients translates into a decent salary with low overhead, according to Herbers.

The majority of millennial clients are concerned about the state of their finances, but few are doing anything to save for retirement, according to a recent report from BMO Wealth Management.

Sixty-five percent of millennials say their financial situation is their most pressing concern – above their worries about employment or even personal relationships, according to the report, which surveyed 1,003 people age 18 to 34.

Nonetheless, while 25% of respondents are worried about their retirement, only 10% put it as their top priority, BMO found.

For 37% of the respondents, retirement seems simply too far off, and 22% prefer to pay off their debts before even starting to save for retirement, according to the report. In addition, millennials aren’t taking advantage of tax-deferred or tax-free accounts, according to BMO: when saving for large purchases, 42% favor savings accounts while only 13% use individual retirement accounts or 401(k)s and just 6% use Roth IRAs.

Financial advisors do have a receptive audience among millennials, however. Among men, 37% are worried about their financial literacy, although the figure drops to 29% for women, according to the report.

This article was originally published by Financial Advisor IQ