Wealth Management
/ Planning
10
For Advisor Use Only
March/April
2014
to create a more scalable service offering for these clients.
This may include hiring a junior planner, offering fewer
services (with hourly fees for additional work), and
automating client touch points.
In terms of automation, for example, imagine:
•
A blast newsletter that lets everyone in your
“tax-efficient growth model” know that you’re
always watching over their investments and that
you’ve decided to remove ABC Fund and replace
it with DEF Fund for X reasons
•
A blast e-mail in early December that reminds
everyone to make their charitable contributions
for the year
•
An e-mail, targeted to your younger investors,
highlighting a cool smartphone app that they
can use to track their budget
You’ll read more about these topics in this issue of the
Commonwealth Business Review
. Above all, though,
remember that the goal is to find ways to maintain a
meaningful connection to or relationship with these younger
investors while not spending too much valuable time on
each interaction. If this sounds impossible, remember:
many of these people have hundreds of “friends” on
Facebook and that relationship expectations are shifting.
Kol Birke is the vice president of business systems strategies and
a financial behavior specialist. He is available at x9663 or
at
Lori Yaverbaum is the director of web services and usability.
She is available at x9653 or at
.
When specifically investing, 36 percent of
millennials turn to their parents or other family
members as their first source for guidance,
followed by a paid professional investment advisor
(17 percent) and online sites (15 percent).
— Wells Fargo Retirement
