Still doubtful? Then you might be surprised OppenheimerFunds is finding that the attitudes of Gen-X women, ages 18 to 34 years old, run parallel to those of female baby boomers when they were in that age range, so there appear to be some very profitable sectors shaping up. And it was only a decade ago when many advisors had little interest in boomers because they had few assets outside their 401(k) plans.
Another tip? Don't treat female clients like they're dummies. The survey found that Gen Xers have already formed some fairly strong views about advisors' and brokers' potential to treat female clients with less respect. Fifty-two percent of women and 46% of men think women won't get the same treatment as male customers when visiting a broker or advisor.
Cliff Robison, a financial consultant with Charter One Securities in Dearborn, Mich., and a Gen Xer himself, says he treats all clients alike. He notes, though, that peers for whom he does planning tend to fall into two camps: those who already are investing in their 401(k) plans and those who aren't. "Those who are tend to be more serious, but I do plans for both," Robison says. "My feeling is that if I build these relationships right from the start, these people will come back, and it will mean more future business."
Actually, Robison has an even more persuasive reason for working with Gen Xers: "At some point, all the baby-boomer money is going to pass down to this generation. That's trillions of dollars. By building relationships now, I'll see some part of those future assets."