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Closed clients
aren’t interested in talking with their
children about money. There are two things to note
about these clients. First, they may be
very
interested in you
meeting directly with their children, as long as they don’t
have to be involved. Second, these clients will often
transition to the “reluctant” group at some point in their
lives. Be on the lookout for them to open doors and then
give them the handholding they need to be successful in
having these conversations.
Connecting and Communicating with Gen X
Once your clients have made meaningful introductions,
or if you’re targeting Gen X clients directly, how do you
actually make connections with them?
Although each generation has some shared characteristics,
the differences between one Gen Xer and the next can be
dramatic. To effectively connect to anyone is to meet that
individual in his or her comfort zone. So it’s important to
devote some effort to figuring out what that zone is. Below
are some things to consider regarding communication
and communication style with Gen Xers:
•
They are well-educated, value their individuality
and independence, adapt well to change, and are
comfortable with technology.
•
They value hard work, but they “work to live,” as
opposed to their parents who “live to work.”
•
They do not want to be told what to do; instead, they
want concierge guidance, clear goals, and the ability to
manage their own time. Ultimately, they want to feel
as if they have solved their own problems.
•
They appreciate relevance in your communications.
Examples might include showing them how much
to put away for their children’s college fund or
identifying which schools in their district have the
best standardized test scores. Sending generic or
irrelevant information will weaken your relationship
with them.
•
E-mail is their preferred method of communication.
•
They are strong users of social media. According to
a survey by Pingdom, the average Facebook user is
40.5 years old, the average Twitter user is 37, and
the average LinkedIn user is 44.
The bottom line is that assumptions about marketing to the
generations—for instance, that only digital works for younger
generations and only print for older consumers—are often
incorrect. What’s most important is to stay on top of trends,
test different methods, and trust your observations regarding
what works best.
Profitably Serving Gen X
One of the primary goals of effectively servicing your
Gen X clients is to capture the eventual wealth transfer
from their parents (i.e., your older clients). This can be
viewed, somewhat, as an insurance policy—though a
critical one. But how do you profitably serve your Gen X
clients’ needs in the meantime?
Your clients’ children will likely have fewer assets than your
current clients. Fortunately, they will often have simpler
needs and typically prefer ad hoc over regular interaction.
As such, your current service model and expectations may
not be the right fit for them or you. It may be worthwhile
Wealth Management
/ Planning
