We are about to witness the largest transfer of wealth in our nation’s history. Over the next two decades, more than $30 trillion will be passed from baby boomers to their children. Per the U.S. Census Bureau, the millennial population has exceeded that of their baby boomer counterparts, fueling an urgency to adapt.

Will you be the one providing them advice?

Unfortunately, as research by Fidelity Investments and PricewaterhouseCoopers shows, if current trends continue more than 80-90 percent of your clients’ children will fire you. Why? It probably doesn’t help that 75 percent of all financial advisors have never even met their clients’ children, according to Investment News Data. 

So, how do you make sure you are not cast off by the next generation of investors? 

1. Build Trust

Success is all about how you make your clients feel. Initiating new relationships and expanding opportunities with your clients is easier when they trust you and know that you care. Of course, trust doesn’t happen overnight but knowing their parents or other family members trust you is a great place to start. Follow this up by communicating effectively with them through the channels they are most comfortable with to build on those relationships.

While direct phone calls continue to be best way to connect with your aging boomer clientele, chatting via text message may be the most comfortable approach with their millennial children. However, advisors should utilize financial technology, which provides secure messaging, so communication about personal financial information can be protected from unwanted eyes while seamlessly managed with multiple family members simultaneously. 

2. Use Technology To Bridge The Gap

It’s no secret that millennials are flocking to any number of DIY tech solutions. But despite their tech-savvy access to financial information, they still need your professional advice and services.

Use technology to help you bridge the generation gap and improve your inter-generational financial marketing. Provide secure, online access to documents and information and the ability to communicate anytime, anywhere. Not only will it help you initiate successful relationships with your clients’ children, tech-friendly channels will also allow you to increase client engagement and build deeper trust with your clients and their families.

3. Don't Overlook The “Forgotten” Generation

Many financial advisors are already focused on the millennial generation in anticipation of the enormous transfer of wealth coming their way, but they shouldn't overlook Gen Xers. According to a recent white paper by Cerulli Associates, the collective investable asset base of the "forgotten" generation ($5.8 trillion) is seven times larger than the millennials' $830 billion.

Don’t make the mistake of skipping efforts to retain the Gen Xer children of your current clients, in favor of simply marketing to attract millennials. Putting a little marketing muscle behind the retention of the well-funded Gen X generation will be money well spent.

4. Link To Them

Use LinkedIn to maintain a connection with younger clients. Gen Xers and millennials combined make up 88 percent of LinkedIn users. It’s one of the leading job search tools and they see the value in building a network of connections. Plus, if an email address ever changes, you have another way to reach out and stay on their radar, while also being seen by their network. Simple, but this new generation of “networking” can be staggeringly effective.

5. Help First

Share some helpful information. Provide a document, resource, app recommendation or referral, and then let them know the different ways they can contact you for any other related needs that arise. You are paving the pathways of trust, and anyone is more likely to reach out to someone who has helped them in the past than to approach someone new.   

Enriching relationships with clients’ spouses and heirs should be considered as important as recruiting new clients, which most firms admit is still their top growth strategy. Gen Xers and baby boomer offspring should be top priorities. They continue to accumulate their own assets and stand to capitalize on the wealth transfer windfall.

Collaborative and secure digital solutions can provide a great tool to help close the gap among the generations. Although younger investors may lean heavily into these capabilities, the value of human interaction will never be trumped by technology. Financial advisors are best served when their fintech tools enhance the personal attention they give to their clients, and their clients’ families.  

Paul Karasik is president of The Wholesaler Institute. One of the nation’s leading consultants in the financial industry, Karasik has devoted two decades to helping financial professionals achieve their goals.

Chris Wong is CEO of LifeSite, creators of LifeSite Vault and LifeSite Pro. A veteran entrepreneur, Wong has advised some of Silicon Valley’s most successful tech companies.