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Embracing the Next Generation in Wealth Management

Trillions of dollars are expected to pass down from ‘Boomer’ parents to their heirs over the next 25 years in the great wealth transfer, and advisors who establish relationships with their clients’ children will be better positioned to retain these assets. 

Delivering value-added, educative communication on topics the next generation can relate to is an effective, low-cost way to create trust and build connections for the future. Here are four ways to leverage your insights to reach the next generation.

1.Use email. When you meet with clients, ask if you can send their adult children information about wealth management. Create a targeted ‘next generation’ email list and periodically share your thoughts on a range of relevant topics such as ESG investing, philanthropic giving, tax-advantaged savings, debt management, launching a business, and negotiating a salary.

2.Update your website. Every email should have a strong call to action that includes a link to your website so that recipients can learn more about you. In addition, emails should be reformatted and posted to your website so that those who may have missed previous emails can find them there; and website visitors who are not on your email lists see that you have expertise on issues important to them.

3.Be social. Informative social posts and videos reach this audience where they get their news: on Instagram, Twitter, LinkedIn, Facebook, and YouTube. Invite clients and their families to follow you, and post information that can help them achieve their goals. 

4.Hold events. In-person and virtual events allow you to get to know your clients’ adult children and for them to get to know you as a reliable source of information about wealth planning. When the time comes for them to inherit your clients’ wealth, they will feel confident that you understand their situation and have what it takes to guide them.