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Financial Planning > Trusts and Estates > Trust Planning

What Boomers Want

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You want to attract new boomer clients, but you aren’t sure what they’re looking for. Clinical psychologist and boomer expert Dr. Bill Roiter helps boomers assess their financial advisors, and by reversing his evaluation form, we’ve created a list of criteria that baby boomers look for when deciding whether or not to do business with an advisor. According to Roiter’s research, boomers want an advisor who is:

  • Trustworthy
  • Listens to them
  • Knowledgeable about their individual situation and does not lump them in with a general type of client
  • A clear communicator
  • Understanding
  • Interested in their well-being
  • Open to their ideas
  • Competent
  • Capable of following through with the plans they create
  • Honest
  • Available
  • Someone they like as a person

So how can you position yourself as the ideal advisor? Of course, you can’t be everything to everyone, but you can try to create a persona that is appealing to baby boomer clients. Here are some tips to help you get started.

  • Begin by establishing a sense of mutual trust. Your clients want to trust you, and they also want you to trust them. Many clients don’t know exactly what to say or how to say it; it’s your job to help them understand and communicate the basics.
  • Make sure that your client understands you, and vice versa. How? Ask. Ask your client to explain the product back to you to make sure that they understand all of the features. You should, in turn, repeat back all of the client’s resources during the fact-finding process. This will help eliminate any communication errors.
  • Try to get clients through referrals. Boomers are more likely to trust an advisor they met through a referral from a trusted friend or family member as opposed to other methods.
  • Make sure that you are doing everything your client is looking for. Are you an agent or a financial advisor? Do you handle estate planning? And does your line of work match up with your client’s needs? If not, you should refer them to an established partner for whatever product lines they can’t get through you.
  • Answer every question. Boomers may keep asking questions, and you need to keep answering them. When they say they are uncertain or confused, reassure them, but always tell the truth. The best way to lose a client is to lie to them.


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