It took 38 years for the radio to reach 50 million households. Television took 13 years. Yet Facebook hit the 50 million people mark in only two years. The fastest growing Facebook segment is seniors, but they are not totally comfortable or trust it. However, their boomer and Gen X children totally get it. And so should you, if you want to grow your practice. The rate of change in the delivery of information is phenomenal.
The easiest way to grow your practice is by not losing any of your current relationships. But the boomer/Gen Xer prospect doesn’t have time for a meeting, lunch and surely not for a round of golf. But they do yearn for communication to assuage their concerns for their inheritance.
The way they communicate is different, however. Information flow and technology will continue to fuel the need for education and wisdom, which aren’t the same thing. Therefore, as advisors we are in a unique position to guide both seniors and their children (our future clients).
Establishing, cultivating and massaging a relationship with the children of your senior clients, using the language and technology that they understand will secure your place as a trusted advisor.
Stimulating and scary
Yet this ever-changing environment is simultaneously exciting, stimulating, motivating and heart-stopping scary. It is thrilling to have new challenges, but it also requires us to put behind the fear of change and face the unknown versus the status quo.
While one needs to put a name with a face and a handshake with a look in the eye, it’s equally imperative that you also take advantage of the technology that is available to you. An example of using technology and social networking is the study of monies raised by each of the presidential candidates in the last election. In February 2008, John McCain raised a lucrative $11 million by attending fundraisers, pancake breakfasts, chicken dinners and hand-shaking events. Meanwhile, Barack Obama had a social networking team in play and raised $55 million while not ever flipping a flapjack or attending a fundraiser in person. Technology will help you grow your business, better and quicker.
Will you choose to work harder for less or work smarter for more? Come to the Senior Market Advisor Expo to learn how. Whether you want to run with the pack or be more of a spectator in the race, you’re going to have more options, opportunity and freedom than ever before imagined.
Michael Ham is a financial planning expert and personal budget coach. He is the founder and president of My Money Track and founder of J. Michaels Advisors in Dallas.