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As Baby Boomers look to pass on their wealth, how will you bridge the generational divide between them and their children, the Gen X and Millennials?
Approaching your clients' next generation with a focus on "keeping it in the family" can feel tricky.
How do you do so without it seeming like you're merely aiming to increase your fees through their inheritance?
This conversation requires sensitivity.
If you're not aware of the common missteps in your approach, you might miss out on building meaningful relationships with the next generation.
It’s easy to assume that the strong relationships you’ve built with your clients will carry over to their children.
But younger generations often have different perspectives on wealth management.
If you meet with them, don’t expect to continue where you left off with their parents.
Treat it as an opportunity to build a fresh relationship.
In today’s fast-paced world, it’s tempting to focus on educating prospects to show you’re staying current.
But this approach doesn’t work.
Simply giving information doesn’t build trust.
Younger generations want a deeper connection, beyond facts and figures.
The key to earning their trust is understanding their goals and challenges.
Wealth preservation is important to everyone, but younger generations won’t trust you if you act like the “expert” with all the answers.
Instead, listen first and show you care about their future.
By understanding their unique needs, you’ll create a connection that lasts.
The next generation isn’t interested in generic advice or “free consultations.”
They want a trusted advisor who can connect with them on a personal level.
This requires a shift in mindset, moving from simply providing information to truly understanding them.
To succeed, you must change your approach.
What worked with Boomers won’t work with Gen X and Millennials.
Want to learn how to build trust with the next generation, then order your complimentary books and consultation below.
Related: Why Doing Free Consulting Doesn’t Create Trust
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