Top concerns for advisors to address:
- Show them that two heads are better than one. Gen X is the latchkey, do-it-yourself generation. They’re used to going it alone, but that strategy has not always generated the best results. If your ego stays in check while they google, stalk, and challenge you, you can win this client over and offer them much-needed advice and insights to meet their goals.
- Be authentic and transparent. Trust has not fully recovered for the majority of the investing population and it’s questionable if it was ever really there for Gen X. Gen X isn’t easily fooled and anything that feels like a sales pitch is a turn-off. Show these clients what you can do for them. Case studies of peers facing similar challenges will work well to showcase your expertise and solutions. Don’t forget to give them lots of detail, be up front about fees and potential downsides, and remain patient while they do their own research and make their decisions.
* Pew Research Center, “Millennials in Adulthood: Generations Defined,” March 5, 2014. Available at: www.pewsocialtrends.org/2014/03/07/millennials-in-adulthood/sdt-next-america-03-07-2014-0-06/ ...