Generally speaking, seasoned advisors tend to be more comfortable tailoring their skills to different clients. Younger advisors, says Fulton, "should emphasize their energy and knowledge of the newest planning techniques and tax law changes."
Working with different generations has other advantages, too. Says Tiber, "The grandfather appreciates that, at 47, I'll be around to add continuity to his plans. His son views me more as a contemporary with whom to collaborate and strategize. And the granddaughter respects my experience and knowledge."
The Advantages of Experience
There's no question that experience gives advisors a degree of self-confidence that should rub off on their clients. But be sure not to rest on your laurels. "The older professional is more revered-as long as the advisor has kept up with current trends and products," stresses Kevin Kautzmann, a CFP licensee at New York-based EBNY Financial.
Still, having more years under your belt is usually an advantage.
"Young people don't want to invest like their grandparents, and grandparents are leery of the risks taken by younger people," says Bill DeShurko, a Covestor model manager and president of 401 Advisor in Centerville, Ohio. "Both need to know that I understand and can accommodate both [approaches]."
To be sure, being a professional means more than possessing knowledge. "The planner's job is to understand the client to the greatest extent possible and then co-create strategies that support the client's success," says Michael Kay, an advisor at the Livingston, N.J.-based Financial Focus. "The role is to help clients achieve their goals, not by being authoritarian or playing parent but by listening, offering guidance and ideas and a cogent road map." In this way, he says, advisors build lasting relationships with clients of all ages.
After all, it's the professional relationship that matters-and professional relationships come in all types. "Relationships need to be personally designed to fit the client's values, temperament and learning style," says Ted McLyman, CEO of Apexx, a financial advisory firm in Augusta, Ga. If a younger client seems to be searching for a parental figure, the advisor might need to address the client's passivity, says McLyman. Conversely, a condescending older client might need tactful reminders and monitoring to prevent financial recklessness. "First, you have to manage behavior and then-and only then-can you manage the client's money," says McLyman. "This applies to all generational mismatches."
Beyond Age
In truth, there are deeper issues than age. "After 46 years in the business, it's clear to me that the client-advisor relationship is built on competence and trust, not age," says Bob Binn, president of Private Portfolios, a Securities America-affiliated firm in San Mateo, Calif.
Binn, 69, is partnered with his 37-year-old son, Dan, but he insists their age difference isn't important. "His clients look exactly like mine-pre-retirees, mature retirees, professionals and business owners. Each client feels comfortable speaking with either of us if the other is unavailable [because] each client is treated with respect and dignity."
Indeed, those all-important qualities apply no matter how old or young a client may be. "Clients judge us on all fronts," says Rosenthal, the ING Financial Partners advisor. "The age thing goes out the window if what you are presenting proves to be in the client's best interest."