Hennessey shared some ideas for connecting with the NextGen to build relationships:

  1. Teach finance – Have the children pay household bills and balance the checkbook, even if they need to do it through an app on a phone.

  2. Do a Social Security seminar – Ideally, Hold this before the parents turn 66. 

  3. Learn aboout LinkedIn – Use social media education to show children how to get into college and get a job. 

  4. Suggest an "I love you" letter – Prepare the parents to pass on important information in the event of death, like passwords and assets. Get them to understand they should have some conversations with their kids, even if they are not disclosing how much money will pass.

  5. Review beneficiaries – Besides keeping beneficiary info up to date, use the birth date information to send birthday cards for a simple way to stay in touch.

  6. Discuss family values – Help communicate a plan. Advisors can even moderate the family meetings.

  7. Take advantage of accelerated gifting into 529 plans – Let the NextGen see who is investing their college money.

  8. Explain the merits of a stretch IRA strategy – Communicate that an inherited IRA is to take the minimum distribution every year, as opposed to withdrawing it all in less than 24 months, which is currently what most do.

  9. Conduct retirement education – Do a checkup for the next generation.