Financial professionals who want to establish an emotional connection with clients had better learn to think about the generations coming after the baby boomers, Cam Marston said here at the Million Dollar Round Table annual meeting.
Marston, an author, was one of the experts who spoke Tuesday during the main platform session at the meeting.
MDRT, Park Ridge, Ill., says the meeting has attracted about 6,000 attendees.
Individuals vary, but, in general, the boomer generation tends be more group-oriented, more competitive and more work-focused than younger generations, Marston said.
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To connect with boomer prospects, advisors should look for ways to save them time, Marston said.
Members of “Generation X” – consumers born from 1965 to 1976 — are more likely than boomers to question authority figures and be skeptical of vendor claims, but prospecting to them is usually worth the effort because they’re the most loyal of the three generations, Marston said.
To win Xer business, advisors should describe their services and product biases in detail, then get the prospect’s views on recommendations, Marston said.