What You Need to Know
- The 1950 census is a time capsule that could hold the key for some advisors to engage with and even hold on to multigenerational clients.
- Savvy advisors can use personal stories from this census as a springboard for asking broader questions,
- Next steps may include planning for financial gifts to support educational goals, entrepreneurial ventures or first home purchases.
Advisors often ask: “How do I keep my clients’ kids on board?” While there is no one answer, we know that clients rely on us for guidance as to when and how to talk about family, values and money with their children and grandchildren.
I advise revisiting history — especially events within our lived memories — for starting or deepening these conversations with clients and their rising generation family members.
A new treasure trove, the 1950 U.S. Census, may provide advisors with an entering wedge. On April 1, 2022, a 72-year waiting period will end, and the census will be available for the public to search and explore.
This time capsule could hold the key for some advisors to engage with and even hold on to multi-generational clients.
Access to the census is free through multiple online databases. The National Archives and Records Administration (NARA), the institution that holds the collection, will allow the public to start exploring the digitized 1950 U.S. Census through a dedicated website.
The well-known genealogical resource Ancestry.com also will offer free access. Indexing done by the site, state by state, will make searches even easier and more accurate in the weeks following the much-anticipated April release.