Speaking to audience members, Cam Marston, intergenerational expert, author, and consultant, defined how different generations perceive financial planners, and the advice that comes with them.
Starting off day two of the 2023 NAPA 401(k) Summit, Marston broke down the distinctions between two core generations in today’s workplace: Baby Boomers and Millennials. As the latter expand to encompass much of the workforce in the next years, it’s time for advisors to market themselves in a personal light, said Marston.
Whereas Boomers have opted for the button-down, conservative, expert-driven approach that advisors have traditionally embraced, Millennials search for relatability and emotion within their financial planners, he said. To appease Millennial clientele, Marston recommends for advisors to take a personal approach with their business. This begins with marketing yourself in the right light.
“Show some personality,” Marston advised when advisors first introduce themselves. “Even three to five sentences of who you are outside of work. People tend to enjoy other people’s hobbies, travels, pursuits, etc.”
Unlike Boomers who rely on expertise, Millennials are less keen to learn about a financial professional’s skill or background story related to advice. Instead, they want to know how financial advice and planning—and specifically, the planner’s advice— will impact their lives, Marston said.
When working with Millennials, consider the following, listed Marston:
- The individual, the ego;
- How things will affect their lives;
- How things will make them distinct;
- How you’ll impact their future;
- How they’re different
Rather than a client deferring to the advisor, Marston emphasized how Millennials are likelier to engage with an advisor who asks them questions. Inquire about their financial goals, what they would like to see down the road, and how they want to interact with the advisor.
Other specific questions include:
- You’ve done quote well early in your career. How did you do it? What’s your secret sauce?
- Looking back, what has made you so successful so early in life?
- If you were to take the lessons from your success and hand your lessons to someone younger than you, what would they be?
Asking these questions drives engagement and can ultimately lead to a trusted and developed relationship between both parties.
“You begin to get content by asking that question,” he said. “Once we begin to understand these things, we can use it in our laundry bag on how to engage people.”
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