Marketing across generations has become increasingly important in recent years. As seniors head further into retirement, the baby boomer generation begins to retire and the millennial generation starts accumulating wealth, advisors must learn to reach investors during a variety of life stages.
A study conducted by Pershing shows that $12 trillion in assets is currently undergoing transfer, and $30 trillion is expected to be transferred in the next 35 years. The study also states that only 3% of clients said their advisor inquired about meeting their children, and only 17% of clients with children said their adult children worked with their current advisor.
These numbers point to two critical deductions:
Staying connected not only with your current clients, but with their children, and even grandchildren, is essential.
Establishing trust early on and marketing across generations of clients can have a lasting impact on the future of your practice. Don’t wait until younger clients start inheriting wealth before marketing to them — by then it will be too late.
Before implementing any marketing tactics, however, it is important to understand the varying characteristics and behavior of each major generation.
Below are some ideas for cross-generational marketing that include digital marketing, practice management, and event marketing:
Meeting the needs of clients across multiple generations is becoming essential for ensuring the longevity of independent financial practices across the country.
For more ideas on connecting with clients, download our white paper, “65 Ways to Connect with Clients” today.
If you are interested in learning more about how NEXT can help you grow your business, call us today at 877-876-6398 ext. 4060 or using our contact form.
“Meet the Millennials: Five ways to attract the next generation of clients” (2014, Feb 23). InvestmentNews. Retrieved from: http://www.investmentnews.com/article/20140223/REG/302239990/meet-the-millennials-five-ways-to-attract-the-next-generation-of
“Pershing Study Finds that Advisory Firms Need to Rethink Their Multigenerational Planning Offering to Adequately Prepare Clients for the Looming Wealth Transfer” (2014, May 1). Pershing LLC. Retrieved from: https://www.pershing.com/news/press-releases/2014/pershing-study-finds-that-advisory-firms-need-to-rethink-their-multigenerational-planning-offering-to-adequately-prepare-clients
Jones, M. (n.d.). “Generational Marketing: Harvest The Whole Family Tree” Investopedia. Retrieved from: http://www.investopedia.com/articles/financialcareers/08/generational-marketing.asp
Russell, E. Why Work When You Can Shirk?: Worker Productivity in an Experimental Setting. Journal of Applied Business & Economics; 2010, Vol. 11 Issue 2, p104. Retrieved from: http://www.na-businesspress.com/JABE/Jabe112/EngelWeb.pdf