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Avoid Being Fired by the Next Generation

More than 66% of children will choose not to use their parents' financial advisor.

April 4, 2017

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Avoid Being Fired by the Next Generation

With a wealth transfer of over $30 trillion at stake over the next three decades, financial advisors need to rise up and meet the challenge. Studies indicate that more than 66% of the next generation will fire their parents’ financial advisor. This is due to a lack of a relationship between the financial advisor and the children.

Without question, the burden to forge the multigenerational relationship is on the financial advisor. Are you getting acquainted with them? Are you making yourself available to respond to their questions without breaching confidential information between you and their parents? Do you know their names and, more importantly, are you certain they know your name? Do you know what school they are attending?  Do you recognize their milestones such as graduation from high school and college, first job, marriage, and children?

Are you sending them a monthly newsletter that speaks to their generation? Do you make yourself available to provide a letter of recommendation for future education or a career? Does your professional website and social media pages include content that will resonate with them? In short, become a part of their life by establishing the type of relationship they will appreciate, respect, and want to continue.

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