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.