Did you know that more than 70% of inheritors promptly change advisors when they receive their inheritance?
As an advisor, are you ready or can you be better? Invest a few minutes to learn a few easy but valuable tips to connect with the next generation and help establish you as a trusted advisor.
Welcome to Part 2 of a brief 3-part article series called Educate Yourself for Advisors! And in case you missed the first article, be sure to check that out here: "Stepping it up on Probate for Wealth Advisors"
Connecting with the Next Generation
The two generations that will be inheriting the most are Gen X and Millennials.
All you have to do is build the relationships with your clients’ children... a simple strategy but challenging to execute!
So, how do you do this? Follow this 3 step approach:
1. Learn Generational Preferences
Developing credibility with your clients’ children means understanding their habits, lifestyles, and worldview opinions in order for you to connect with them.
Which isn't excactly easy.
Studies show less than 50% of advisors have a clear strategy to engage the next generation but almost 80% admit it is a challenge.
Take action. Do you understand the various generations and what ‘makes them tick’? Be honest with yourself and take the time to learn or stay up to speed.
There are plenty of resources available to help you do this. Here are a few of my favorite “generations explained” resources:
- Boomers, Gen X, Gen Y, Gen Z, and Gen A explained (study)
- Characteristics of generations X, Y and Z (article)
- Boomers, millennials, Gen X, and Gen Z chat about their 'generational differences' (podcast)
📌 ACTION TIP #1 - Make it happen! Commit to investing 1 hour every two weeks to learn about your future clients and they type of advice that is important to them!
A few trends to keep in mind when thinking of the next generation as wealth clients:
By 2030 the next generation will have 5x the wealth they have today. That being so, creating generational wealth is certainly on the rise!
2. Client retention focus. Strive to get in touch with the next generation sooner
We know you are trying hard to build relationships with the future generation. It can be difficult to meet with the entire family!
Below are some effective ideas that can go a long way and be implemented with little cost:
- Build reminders for important client dates (birthdays, wedding, etc.)
- Create opportunities to have entire family attend like sponsoring a local community festival
- Create success stories (case studies) that resonate with client situations
- Offer free financial plans for family members
- Plan a wealth transfer meeting with the family (including Atticus 💜 in the discussion is optional)
📌 ACTION TIP #2 - When in doubt, simply ASK! Send a brief survey to your clients asking for feedback on their communication style and meeting preferences. You might be surprised to see the results to enhance your offerings!
Keep in mind: retention is so important. Below are some other ideas to increase client retention and make a better impression with the next generation:
- Onboarding new clients – Assess how you currently onboard new clients and enhance the process! Ensure generational preferences are taken into consideration
- Communication – Develop a newsletter distributable through email or a portal that has timely information in a user friendly format
- Expand your social media presence – Create a digital strategy to promote your services and keep them “top of mind” to your future clients
📌 ACTION TIP #3 - Include younger team members in meetings when other family members attend to make those connections with the next gen!
3. Educate your clients
Although the younger generation is highly educated, their understanding or personal experiences with financial literacy pertaining to wealth management may lack.
Think of yourself as a TEACHER where you have the opportunity to help educate the next generation and instill the trust and confidence that their parents placed in you.
65% of Millennials want to be smarter investors
So then what is your strategy? Is it documented and actionable or simply an idea to "get around to" at some point?
Here a few ideas below to get you started or refresh any existing plans:
📌 ACTION TIP #4 - Spice it up! - Already sending investment articles via email? Try something new. Consider an easily accessible blog, podcast (live or recorded) or webinar... or start sharing tips across social media platforms like LinkedIn, Youtube or even TikTok (c'mon, you knew that was coming)... #YouCanDoIt!
Need help on brainstorming or selecting topics? Simply ask around to compile a list from clients until your audience grows.
Here is a few of the most searched "financial themes" by the next generation.
Probate & estate settlement needs are on the rise
Want to learn more about how Atticus helps Advisors during the estate settlement process and why the next generation loves it?
Drop a comment below or setup a time for us to connect over an individualized demo to learn more about how we have helped thousands of families and wealth advisors settle their estates with confidence.
Atticus is a fintech company committed to empowering families through the unavoidable process of bringing a close to the financial life of a loved one. It’s groundbreaking probate & estate settlement product is a comprehensive, all-in-one platform that combines personalized guidance with intuitive, easy-to-use tools allowing families and their advisors to save time and money by navigating the probate, estate settlement and inheritance process together.