4 Ways Advisors Can Connect with the Next Generation


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One of the greatest concerns currently facing financial advisors is the unprecedented wealth transfer soon to take place between Baby Boomers and their next of kin. The sum has been estimated to be about $30 trillion.

That’s right—30 trillion dollars.

It’s no wonder advisors are concerned. After all, years of work—and countless hours spent building trust—hang in the balance. All of that effort can be undone with a single ACATS request.

Of course, it doesn’t have to be this way. The solution is to begin building new, lasting relationships with the descendants who stand to inherit all that wealth.

Here are five suggestions for connecting meaningfully with the next generation and keeping those valuable client relationships afloat.

1. Reach out around milestones

Let’s be brutally honest: if you’re not regularly keeping in touch with the next generation, you might as well be a stranger. It’s a fast-paced world, full of distractions, and a fleeting introduction or a stray email aren’t enough to keep you top of mind with your clients’ next of kin.

Instead, you need to put in the same concentrated effort it took you to build those relationships with their parents in the first place. You can start by reaching out around life milestones like birthdays, holidays, and professional achievements (new jobs, promotions, etc.).

But don’t simply send a text or email with a birthday wish. Leave an impression by offering something memorable. Maybe it’s an inspirational quote, or a link to an interesting or relevant article—something that will actually add to this person’s life, given their age, occupation, and values.

2. Spend some quality time together

Of course, you won’t know what the next generation values unless you ask, which means you need to actually spend some time with them. The most organic way to do this is by reaching out to their parents and offering to take everyone in the family out for a mutually enjoyable activity.

This could be anything from a sporting event or concert to an afternoon of fishing or paintball. Sure, an outing like this might set you back a few bucks, but consider what you get in return:

  • A chance to learn more about the next generation.
  • Bonding time with the whole family, which builds trust.
  • Proof that you’re willing to go the extra mile for this family.

Plus, there’s evidence that spending time with the next generation would make a particularly strong impression. A 2017 study by Harris Poll found that 78% of millennials prefer to spend money on experiences rather than goods.

3. Send them your digital newsletter

On a practical level, email is one of the best ways to reach your next generation of clients. According to a 2017 survey by Adobe, people ages 18–34 check their email more frequently than any other group. And, when you email these prospective clients, you’re giving them the chance to engage with you whenever (and wherever) is most convenient for them.

Call to action button that reads 4 digital marketing tools, one convenient platform. Get your first month for only $4.99

So, what should you send in those emails? If you have a newsletter, definitely send that—and, if you don’t have a newsletter, we’d strongly suggest creating one. Once or twice a month, you can remind the next generation of your value by providing them with an email chock-full of useful goodies, such as:

  • Tips for staying productive and motivated.
  • Recommendations for books to read or movies to watch.
  • Links to articles about technology, health, and other topics your audience might find interesting.

If you’re a ReminderMedia customer, you can easily include a link to the digital edition of American Lifestyle magazine, which offers new compelling articles and delicious recipes each month. By doing this, you can provide even more value with very little effort on your part. Speaking of which . . .

4. Send your customized magazine

When you’re trying to connect with a younger client, it helps to create multiple layers of awareness. Yes, digital outreach is important, but you can really stand out with a high-value, direct mail piece. That’s where a customized, branded magazine from ReminderMedia comes in.

One of the biggest benefits of the magazine is that it’s free of financial content—offering value to your prospective clients and turnkey compliance approval for you.

The magazine will be viewed as a gift and, unlike a business card, won’t be thrown away or tossed into a junk drawer. Instead, it’ll remain on the coffee table, where it will be enjoyed for weeks on end—all the while keeping you top of mind with the entire family.

Whichever way you decide to connect with the next generation, remember that none of these methods are “one-and-done” solutions. Building relationships takes time, persistence, and trust.

Once you’ve committed to taking some of these steps, you’ll be that much closer to those lasting, meaningful relationships that will benefit you for years to come.

Free E-book: How Financial Advisors Can Connect with Millennials

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