For most, finding qualified prospects for your business may be your most difficult task. What if there was a unique strategy to generate new opportunities from your existing clients? Multi-generational marketing is one way to address client concerns and establish a long-lasting relationship that endures the test of time. There are many differences between Baby Boomers, Gen X & Y and Millennials.
These differences may range from communication styles, values, attitudes toward retirement, and perception of money (spending and saving). In a recent article I read titled Wealthy Voice Reservations about Inheritance Succession, the author mentions a study conducted by Barclays Wealth which points out a clear concern and difference in generations: “More than a third of high-net-worth individuals (with more than $1.5 million in investable assets) don’t have confidence in their beneficiaries to handle their inheritance responsibly” (Financial Planning, Nov. 16, 2011).
I assume that this is not just a concern for the wealthy, but anyone who worked hard to build a retirement nest egg. Providing education and resources to both your clients and their children, such as strategies for making good financial decisions (specifically spending and saving habits), college planning or tax reduction strategies may help reduce the risk of the children squandering the money after their parents have passed. Here are some examples of how to address this concern as well as several others and bridge the gap between generations.
Client Education Workshops & Beneficiary Events: Conducting educational events focused on addressing the needs of your clients and their families are a great way to bring the family together and present opportunities for you to build a relationship with multiple generations. For example, you may help education their children on college debt planning, expense management, and savings strategies they can employ not just in college, but throughout their life. By establishing a relationship with multiple generations within a family, you increase the potential for a successful transfer of wealth from one generation to the next and continue the relationship with the heir after the client has passed. This also a low-cost method of generating activity and new opportunities for your business