You might not focus on the following 5 areas if they are not important for your current clients. However, as part of your intergenerational wealth business strategy they should be an area of focus to retain wealth as it passes to the next generation - and to attract younger family members as new clients.
1.Have an up to date digital footprint
No longer do customers rely solely upon company literature, published product reviews and direct word-of mouth recommendations. The younger the generation, the more likely they are to search for you online and be influenced by the experience. Your website design and social media activity could sway decision making - it can be a great way to connect without having to meet face to face.
But whilst you should be digitally active, remember to do so in accordance with the rules and regulations created by the FCA - make sure digital content do not play down the risks of products, or contain misleading headlines or claims.
2.Be clear on your socially responsible credentials
Whilst savings and investments are important, younger generations increasingly want to find meaning in how their own wealth is used to shape the world around them.
So be open, honest and transparent about your socially responsible views.
3.Make sure you understand how women's investment attitudes differ
The beneficiaries of an inheritance could have very different attitudes to investment than your current clients. This could especially be true for male clients who pass on their wealth to female children or grandchildren. The WealthiHer Network has identified that 65% of women state that ethical investments are a high priority and this jumps to 83% for women who have inherited their wealth. This report goes on to say that confidence remains a barrier to investing, particularly where their wealth is seen to have been made by someone else (for instance through a family inheritance).
Be proactive in encouraging questions and share questions that clients have asked you which you think would be helpful.
4.Be a leader in online functionality
Generation X and Millennials expect online information at their fingertips 24/7 - so offering customer online portals will be an essential hygiene factor to reach this new audience.
To find out more about how Quilters online customer portal can be utilised to reach a younger audience click here.
5.Be an employer for younger generations
The succession planning for your clients can be aligned with the succession planning for your own business.
Providing continuity of service to a multigenerational family could involve linking younger advisers within your firm with the younger members of a client's family. This can help develop empathy between your firm and the younger generations.
The Quilter solution
Quilter is the new name for Old Mutual Wealth.
Since 1979, we've been supporting financial advice professionals like you.
This year we have invested significantly into our platform upgrade, to help you build more valuable relationships - moving forward together. A key part of the improvements has been to make it easier for advisers to incorporate true intergenerational planning with a full range of age specific ISAs and other products and better value for clients with family linking of accounts.
Click here to find out more about our new platform and ongoing commitment to advisers just like you.
View Quilter's legals here
