That’s right – there is actually an upside to the “Great Recession” if you’re willing to take advantage of it. Approximately 35 million younger Boomers and GenXers in the U.S. don’t just need your help; they want your help in planning for a brighter future. What better time than now to rebuild trust and confidence around financial planning?
The MDRT Generational Financial Confidence Study was conducted by the Boomer Project to learn who advisors and agents should be targeting today and what they are thinking. The study concluded that less than 50 percent of Gen Y, Gen X and younger Boomers have confidence in their financial futures. And, more than 85 percent of them now say it is harder to trust professionals they talk with about financial matters than it was five years ago.
We specifically wanted to know how to customize communications for each generation to make a sale, land a new client and generally help consumers rebuild their trust and confidence in financial planning. But first we learned that almost 90 percent of consumers surveyed of all ages say they are ready to talk about financial planning – and many do not have an advisor. Even those with one may not be confident in their plan.
In particular, younger Boomers and GenXers who do not currently have a financial advisor are receptive to using one if the advisor can customize their communications based on what each generation told us was a priority. Advisors who demonstrate they understand the different priorities consumers in each generation have will achieve success in the midst of the “Great Recession.”
Be sure to visit the comprehensive research report to learn much more, including four key “takeaways” regarding what advisors should know and, more importantly, what advisors and agents should do.
