According to a new report by the Insured Retirement Institute, boomer clients like to get their financial advice face-to-face rather than over the phone or online. This probably comes as no shock to many agents, who have probably been working with their boomer clients for many years. (That same study also showed that 55 percent of boomers more than five years out from retiring do not know how much they need to save for retirement, which is troubling – but unfortunately is nothing new.)
However, when I conducted interviews with Gen Yers to learn about their financial habits, most of them expressed a desire to purchase their insurance products online. Even though they might want to work with an advisor at some point, they’re more than happy to communicate via email, phone, Twitter, or even text message – they’re on the go, and they’re fine with a financial advisor who can communicate that way, too.
Seniors, on the other hand, may be in a variety of different financial situations, and often have younger family members with a vested interest in their financial situations. You’ll have to deal with those family members, too.