“Let’s face it,” said one advisor, “that’s where we make our money.”
The five advisors who had Gen X strategies were Devon Klumb of RhineVest in Cincinnati; Brandon Moss of the XY Planning Network in Dallas; Kelley Ellis of Prio Wealth in Boston; Todd Blackwell of Blackwell Boyd in Bluffton, S.C.; and Ben Pitts from Cypress Financial Planning in New Jersey.
Three best practices emerged from my interviews with these professionals.
Make It Comfortable
Advisors from the Gen X age group can relate in ways older advisors just can’t match. For example, RhineVest is owned by Truepoint, a high-end wealth management firm, but it operates as a separate channel with its own cool vibe and younger advisors who face off well with the up-and-comers they serve.
Prio Wealth is the new version of longtime Boston firm Seaward Management, which rebranded itself earlier this year, changing its more traditional focus, adding younger advisors like Ellis and incorporating gamification and financial life management tools.
Moss at XY Planning describes how advisors can build personal niches of like-minded people—being part of and serving a community where you have a natural fit.
Blackwell, a retired military officer, helps other military families with the knowledge and empathy he has garnered. Cypress was founded by ex-Goldman Sachs advisors who wanted a better business model, and Pitts has an active social media profile that is friendly, fun and engaging.
The point all the advisors made was that Gen Xers are attracted to people and places that reflect them and respect them. It makes sense.
Shift Your Planning