The baby boomer generation has been the primary focus for the majority of financial advisors as they have accumulated much of the nation’s wealth. However, now it’s the present and future generations’ turn. Gen X and Gen Y are quickly moving up the ladder of accumulated wealth with their fortunes in technology, etc. Financial advisors now need to turn their focus to these younger generations.
How will the baby boomer financial advisor be able to relate to the technology savvy Gen X and Gen Y and win their business?
It could be an uphill battle for the veteran advisor who is stuck in their baby boomer ways. Adapting to the younger generations is a must. There are even generational gurus who will help advisors with this generational gap.
First and foremost, you must learn how to market to the younger generation. The traditional ways of networking and marketing have long since gone out the window. Nowadays, you must be proficient in social networking sites such as Twitter and Facebook. For those advisors who are inept when it comes to online networking should consult one of the many technology savvy Gen X or Gen Y’ers.
The truth is, Gen X, Gen Y and beyond will be the key to building and retaining a successful advisory business whether it is inherited or new money. Those advisors who chose not to evolve or are late to the game will suffer the consequences.