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How will you cross the generational/attitudinal/socio-economic divide between your current clients (the Baby Boomers) and Gen X, Gen Y/Millennials (the Boomers’ children), that you can see around the corner?
How will you approach your current clients with the idea of “keeping it in the family”, without sounding like your agenda is just to earn more fees as their wealth is passed to their spouse or children?
It's a very sensitive conversation and if you don’t consider the most common blind spots as you start crafting your approach to your current clients, you’re going to miss out.
Here are some of my thoughts/blind spots to consider around these questions:
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Don’t assume your existing relationships will continue with your current clients’ children
The next generation always has different views and usually wants to do things differently to their parents. So, even if you manage to arrange a meeting with your clients’ children, there can’t be any assumptions made on your part. You must approach it as an entirely new relationship. -
Don’t base your sales conversations around informing or educating
With the changes rapidly taking place in the world, it’s tempting to latch on to the latest hot topic to prove that you’re still relevant. But that’s probably one of the most “boomer” things you can do (being teacherly). Besides, informing and educating does not generate trust, especially if you’re in a low-volume/high-margin business model. You’ll need to base your sales conversations, and your entire sales process, on something deeper than information and education. -
Think “iceberg”, going down deep into the children’s challenges and goals
People will always want to preserve and grow their wealth, regardless of age – that’s a universal truth. But they’re not going to accept you as the one to do it, if you enter the conversation with them as an “elder” who knows more than them. Instead you’ll need to artfully build trust by unpacking their deepest desires and issues – but you can’t do that if you’re focused on showing them your value.
The new type of clients coming after the baby boomers won’t be interested in information, education, or general financial advice – they can get that for free online, or from advisors dispensing “free consulting”.
The only way you’ll be able to bridge to the next generation is through trust-based languaging and a framework where the children say to themselves: “he/she really gets us and I can really feel that connection.”
Only trusted authorities know how to do this, which requires a completely different mindset shift.
What got you here, won’t get you there…you’ve heard that before, but now it’s for real.
To learn how to become a trusted authority, you can access your complimentary book and consultation below.
Related: The Truth: Are You Really Listening or Waiting for Your Turn To Talk?
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