How to Unlock Success Winning Over Generations XYZ

Baby boomers-those born between 1946 and 1964-have been a gold mine for financial advisors, thanks to the size of the demographic and their accumulated wealth. Over the coming years, Boomers are expected to transfer many trillions of dollars to their heirs, which represents a challenge for financial advisors, since beneficiaries oftentimes take their new assets elsewhere to a different advisory. If advisors don't have strong existing relationships with their clients' heirs, the chances of retaining assets are low.

Meanwhile, the rise of innovative technology in virtually every aspect of life coincides with the aging of the baby boomer population. Many adult children of high-net-worth clients are "digital natives" who have experienced the prevalence of technology in every aspect of their lives, for most of their lives. These characteristics significantly influence how a client's heirs will collect information and make decisions around inherited wealth.

Along with effective customer service strategies, the technology of a wealth management solution is another strategy that can help advisors retain clients. These strategies are explored in our latest whitepaper "The ABCs of Winning Gens XYZ" and its related infographic, from which comes this excerpt:

If financial advisors connect with beneficiaries early, provide relevant advice, and position themselves appropriately, they can significantly increase the likelihood of managing assets for families across multiple generations. Moreover, the strategic use of technology can play a crucial role in helping advisors connect with heirs. It's important to ensure your technology capabilities measure up to the standard to which emerging investors have become accustomed.

View our latest infographic for more insights on the technology and service strategies that can help you successfully retain and win next-gen investors.

Download Our Whitepaper