Boomer assets will wane. The assets of older boomers will transfer to Gen X heirs, who are in the meantime now in their peak earning years. From the interviews, I heard that once shunned, these investors are not easily forgiving. It is implausible that our industry can ignore them and later skip ahead and happily reap the benefits of the millennials’ ballooning wealth. Serving Gen X well—with refreshed experiences, more digital engagement, personalized planning and modern pricing options—seems critical before a firm will have a shot at the generation to follow.
For all the talk about robos in our industry, the Gen Xers I spoke to yearned for human advice in the areas of life that are emotional and complicated. Investing and routine retirement planning are formulaic. But there are some things people aren’t willing to delegate to algorithms: help with their careers, help with lifestyle choices and help negotiating financial setbacks. If we want to enhance the value of human advice in the digital age, Gen X has something to teach us.