Effective communication with clients is the cornerstone of success.

As a Financial Adviser, it may be that you work with a range of generations all within the same family and the way that you interact with them will be different. Let's look at the 4 key demographics and how to communicate effectively with them.

𝐆𝐞𝐧 𝐙

Born roughly between 1997 and 2012, Gen Z have grown up in a highly digital and interconnected world. To effectively communicate with Gen Z, Financial Advisers should consider using the following methods:

𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐂𝐡𝐚𝐧𝐧𝐞𝐥𝐬: Gen Z are extremely comfortable with technology and prefer digital communication channels. Utilise platforms like email, online chats and social media such as Instagram and Facebook to reach out to them.

𝐈𝐧𝐬𝐭𝐚𝐧𝐭 𝐌𝐞𝐬𝐬𝐚𝐠𝐢𝐧𝐠: Consider offering real-time chat options on your website or through messaging apps for quick and convenient communication.

𝐁𝐫𝐞𝐯𝐢𝐭𝐲 𝐚𝐧𝐝 𝐂𝐥𝐚𝐫𝐢𝐭𝐲: Gen Z are used to content being fast paced, scrolling through 30 second videos on TikTok or 10 second Snapchats mean that they are used to getting information quickly. Keep your messages concise and to the point.

𝐕𝐢𝐬𝐮𝐚𝐥 𝐂𝐨𝐧𝐭𝐞𝐧𝐭: Incorporate visuals such as infographics, videos, and interactive content to convey financial concepts. Visual content is more engaging and easier to digest for this generation.

𝐌𝐨𝐛𝐢𝐥𝐞-𝐅𝐫𝐢𝐞𝐧𝐝𝐥𝐲: Ensure your website, emails and other communication materials are mobile-responsive. Gen Z relies heavily on smartphones and tablets for accessing information.

𝐈𝐧𝐭𝐞𝐫𝐚𝐜𝐭𝐢𝐯𝐞 𝐂𝐨𝐧𝐭𝐞𝐧𝐭: Engage Gen Z with interactive tools and calculators that allow them to explore financial scenarios and understand the impact of their decisions.

𝐔𝐬𝐞𝐫-𝐆𝐞𝐧𝐞𝐫𝐚𝐭𝐞𝐝 𝐂𝐨𝐧𝐭𝐞𝐧𝐭: Share success stories or testimonials from peers or other Gen Z clients. They are more likely to trust recommendations from their peers.

𝐆𝐞𝐧 𝐘 (𝐌𝐢𝐥𝐥𝐞𝐧𝐧𝐢𝐚𝐥𝐬)

According to new research from Forbes Advisor, 52% of millennials and Gen-Z (18-34-year-olds) are trying their hand at investing to hopefully make returns on their cash, this is more than any other age group. The study analysed British adults’ investment habits, revealing fewer than four in 10 (38%) of those aged 55-and-over invest, despite being the wealthiest age group in the UK and being nine times better off than the 30-34 age group.

With these figures, in order to futureproof your business, engaging Millennials is inevitable and essential. But what is the best way to do this?

𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐂𝐡𝐚𝐧𝐧𝐞𝐥𝐬: Often referred to as being the first “online generation”, Millennials have grown up witnessing the technological rise. They have seen the online world go from dial-up internet at home, to 5G technology on smartphones and they are using this technology for their financial needs. With the ease of online technology, more Millennials are taking preference for remote meetings and communication via email rather than face to face.

𝐑𝐞𝐦𝐨𝐭𝐞 𝐌𝐞𝐞𝐭𝐢𝐧𝐠𝐬: Offer virtual meetings as an option, especially for busy Millennials who may prefer the convenience of remote consultations.

𝐅𝐨𝐜𝐮𝐬 𝐨𝐧 𝐢𝐧𝐭𝐞𝐫𝐚𝐜𝐭𝐢𝐯𝐞 𝐜𝐨𝐧𝐭𝐞𝐧𝐭: Similar to Gen Z, giving the option of interactive tools and calculators that allow them to explore financial scenarios and understand the impact of their decisions is also appealing to Millennials.

𝐕𝐚𝐥𝐮𝐞𝐬 𝐦𝐚𝐲 𝐛𝐞𝐜𝐨𝐦𝐞 𝐦𝐨𝐫𝐞 𝐢𝐦𝐩𝐨𝐫𝐭𝐚𝐧𝐭: The Millennial generation places great emphasis on family and personal values. They exhibit authenticity and heightened social awareness, as evidenced by 86% of Millennials expressing interest in sustainable investing. Consequently, they are less inclined to compromise their ethics in the pursuit of financial expansion. Instead, they seek investment prospects that align with their social, environmental, and political interests.

𝐁𝐚𝐛𝐲 𝐁𝐨𝐨𝐦𝐞𝐫𝐬

In the realms of personal finance, Baby Boomers face distinct challenges and opportunities, particularly in areas like retirement planning, estate management, and intergenerational wealth transfer. As they transition into their retirement years, many Baby Boomers seek thoughtful financial guidance and strategies that align with their aspirations for a comfortable and fulfilling future.

Understanding the experiences and values of Baby Boomers is essential for effective communication and engagement, especially for professionals like Financial Advisers who aim to provide tailored support to this diverse and dynamic generation.

Baby Boomers are more likely to favour the below methods of communication:

𝐈𝐧-𝐏𝐞𝐫𝐬𝐨𝐧 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧: Baby Boomers often appreciate face-to-face interactions. Offer in-person meetings or phone calls as a primary mode of communication.

𝐏𝐫𝐢𝐧𝐭𝐞𝐝 𝐌𝐚𝐭𝐞𝐫𝐢𝐚𝐥𝐬: Provide printed materials, such as brochures, newsletters, and reports, as they may prefer tangible learning resources they can read and refer to at their leisure.

𝐃𝐞𝐭𝐚𝐢𝐥𝐞𝐝 𝐈𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧: Baby Boomers tend to value comprehensive and detailed information. Be prepared to provide thorough explanations of financial concepts and strategies.

𝐏𝐚𝐭𝐢𝐞𝐧𝐜𝐞 𝐚𝐧𝐝 𝐋𝐢𝐬𝐭𝐞𝐧𝐢𝐧𝐠: Take the time to actively listen to their concerns, questions, and financial goals. Show genuine interest in their financial well-being.

𝐑𝐞𝐬𝐩𝐞𝐜𝐭 𝐚𝐧𝐝 𝐂𝐨𝐮𝐫𝐭𝐞𝐬𝐲: Use formal and respectful language when communicating with baby boomers. Address them by their titles and last names, unless they indicate otherwise.

𝐏𝐫𝐢𝐯𝐚𝐜𝐲 𝐚𝐧𝐝 𝐒𝐞𝐜𝐮𝐫𝐢𝐭𝐲: Assure baby boomers of your commitment to data privacy and security, given some may have concerns about technology.

𝐓𝐡𝐞 𝐒𝐢𝐥𝐞𝐧𝐭 𝐆𝐞𝐧𝐞𝐫𝐚𝐭𝐢𝐨𝐧

The Silent Generation, born between the years 1928 and 1945, is a remarkable cohort that emerged during a time of profound historical events and societal changes. Growing up against the backdrop of the Great Depression and World War II, the Silent Generation experienced challenges that shaped their character and values. From food rationing and sacrifice to witnessing the post-war reconstruction, they developed a sense of responsibility, hard work, and adaptability that defined their approach to life.

Similar to the older ages of Baby Boomers, the preferences in ways you communicate with the Silent Generation is very much the same:

𝐈𝐧-𝐏𝐞𝐫𝐬𝐨𝐧 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧: Face-to-face meetings and personal interactions are highly valued by the Silent Generation. They often appreciate the opportunity to have meaningful conversations and build rapport.

𝐅𝐨𝐫𝐦𝐚𝐥 𝐋𝐚𝐧𝐠𝐮𝐚𝐠𝐞: Use formal and respectful language, addressing them by their titles and last names, unless they indicate otherwise. Avoid overly casual or slang terms.

𝐖𝐫𝐢𝐭𝐭𝐞𝐧 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧: Send handwritten notes, letters, or cards to convey appreciation, updates, or important information. A physical, tangible piece of communication can carry more weight for this generation.

𝐂𝐥𝐞𝐚𝐫 𝐚𝐧𝐝 𝐂𝐨𝐧𝐜𝐢𝐬𝐞: Present information in a clear and straightforward manner. Avoid jargon or complex terms. Provide detailed explanations when needed.

𝐏𝐡𝐨𝐧𝐞 𝐂𝐚𝐥𝐥𝐬: Use phone calls to share updates, answer questions, and provide guidance. The human voice can establish a sense of connection and trust.

𝐏𝐫𝐢𝐧𝐭𝐞𝐝 𝐌𝐚𝐭𝐞𝐫𝐢𝐚𝐥𝐬: Share printed materials, such as brochures or newsletters, that they can read at their leisure. The tangible nature of these materials can resonate with the Silent Generation.

𝐑𝐞𝐬𝐩𝐞𝐜𝐭 𝐟𝐨𝐫 𝐄𝐱𝐩𝐞𝐫𝐢𝐞𝐧𝐜𝐞: Avoid being overly prescriptive and respect their autonomy in decision-making.

𝐅𝐚𝐦𝐢𝐥𝐲 𝐈𝐧𝐯𝐨𝐥𝐯𝐞𝐦𝐞𝐧𝐭: Recognise that family often plays a significant role in the lives of the Silent Generation. Consider involving family members in discussions or decisions when appropriate.

𝐒𝐞𝐧𝐬𝐢𝐭𝐢𝐯𝐢𝐭𝐲 𝐭𝐨 𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐲: While some members of the Silent Generation are comfortable with technology, others may not be. Ensure that any digital communication methods are user-friendly and easy to navigate.

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