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.
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:
๐๐ข๐ ๐ข๐ญ๐๐ฅ ๐๐ก๐๐ง๐ง๐๐ฅ๐ฌ: 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.
๐๐ง๐ฌ๐ญ๐๐ง๐ญ ๐๐๐ฌ๐ฌ๐๐ ๐ข๐ง๐ : Consider offering real-time chat options on your website or through messaging apps for quick and convenient communication.
๐๐ซ๐๐ฏ๐ข๐ญ๐ฒ ๐๐ง๐ ๐๐ฅ๐๐ซ๐ข๐ญ๐ฒ: 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.
๐๐ข๐ฌ๐ฎ๐๐ฅ ๐๐จ๐ง๐ญ๐๐ง๐ญ: 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.
๐๐จ๐๐ข๐ฅ๐-๐
๐ซ๐ข๐๐ง๐๐ฅ๐ฒ: Ensure your website, emails and other communication materials are mobile-responsive. Gen Z relies heavily on smartphones and tablets for accessing information.
๐๐ง๐ญ๐๐ซ๐๐๐ญ๐ข๐ฏ๐ ๐๐จ๐ง๐ญ๐๐ง๐ญ: Engage Gen Z with interactive tools and calculators that allow them to explore financial scenarios and understand the impact of their decisions.
๐๐ฌ๐๐ซ-๐๐๐ง๐๐ซ๐๐ญ๐๐ ๐๐จ๐ง๐ญ๐๐ง๐ญ: Share success stories or testimonials from peers or other Gen Z clients. They are more likely to trust recommendations from their peers.
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 adultsโ 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?
๐๐ข๐ ๐ข๐ญ๐๐ฅ ๐๐ก๐๐ง๐ง๐๐ฅ๐ฌ: Often referred to as being the first โonline generationโ, 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.
๐๐๐ฆ๐จ๐ญ๐ ๐๐๐๐ญ๐ข๐ง๐ ๐ฌ: Offer virtual meetings as an option, especially for busy Millennials who may prefer the convenience of remote consultations.
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๐จ๐๐ฎ๐ฌ ๐จ๐ง ๐ข๐ง๐ญ๐๐ซ๐๐๐ญ๐ข๐ฏ๐ ๐๐จ๐ง๐ญ๐๐ง๐ญ: 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.
๐๐๐ฅ๐ฎ๐๐ฌ ๐ฆ๐๐ฒ ๐๐๐๐จ๐ฆ๐ ๐ฆ๐จ๐ซ๐ ๐ข๐ฆ๐ฉ๐จ๐ซ๐ญ๐๐ง๐ญ: 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.
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:
๐๐ง-๐๐๐ซ๐ฌ๐จ๐ง ๐๐จ๐ฆ๐ฆ๐ฎ๐ง๐ข๐๐๐ญ๐ข๐จ๐ง: Baby Boomers often appreciate face-to-face interactions. Offer in-person meetings or phone calls as a primary mode of communication.
๐๐ซ๐ข๐ง๐ญ๐๐ ๐๐๐ญ๐๐ซ๐ข๐๐ฅ๐ฌ: 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.
๐๐๐ญ๐๐ข๐ฅ๐๐ ๐๐ง๐๐จ๐ซ๐ฆ๐๐ญ๐ข๐จ๐ง: Baby Boomers tend to value comprehensive and detailed information. Be prepared to provide thorough explanations of financial concepts and strategies.
๐๐๐ญ๐ข๐๐ง๐๐ ๐๐ง๐ ๐๐ข๐ฌ๐ญ๐๐ง๐ข๐ง๐ : Take the time to actively listen to their concerns, questions, and financial goals. Show genuine interest in their financial well-being.
๐๐๐ฌ๐ฉ๐๐๐ญ ๐๐ง๐ ๐๐จ๐ฎ๐ซ๐ญ๐๐ฌ๐ฒ: Use formal and respectful language when communicating with baby boomers. Address them by their titles and last names, unless they indicate otherwise.
๐๐ซ๐ข๐ฏ๐๐๐ฒ ๐๐ง๐ ๐๐๐๐ฎ๐ซ๐ข๐ญ๐ฒ: Assure baby boomers of your commitment to data privacy and security, given some may have concerns about technology.
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:
๐๐ง-๐๐๐ซ๐ฌ๐จ๐ง ๐๐จ๐ฆ๐ฆ๐ฎ๐ง๐ข๐๐๐ญ๐ข๐จ๐ง: 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.
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๐จ๐ซ๐ฆ๐๐ฅ ๐๐๐ง๐ ๐ฎ๐๐ ๐: Use formal and respectful language, addressing them by their titles and last names, unless they indicate otherwise. Avoid overly casual or slang terms.
๐๐ซ๐ข๐ญ๐ญ๐๐ง ๐๐จ๐ฆ๐ฆ๐ฎ๐ง๐ข๐๐๐ญ๐ข๐จ๐ง: 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.
๐๐ฅ๐๐๐ซ ๐๐ง๐ ๐๐จ๐ง๐๐ข๐ฌ๐: Present information in a clear and straightforward manner. Avoid jargon or complex terms. Provide detailed explanations when needed.
๐๐ก๐จ๐ง๐ ๐๐๐ฅ๐ฅ๐ฌ: Use phone calls to share updates, answer questions, and provide guidance. The human voice can establish a sense of connection and trust.
๐๐ซ๐ข๐ง๐ญ๐๐ ๐๐๐ญ๐๐ซ๐ข๐๐ฅ๐ฌ: 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.
๐๐๐ฌ๐ฉ๐๐๐ญ ๐๐จ๐ซ ๐๐ฑ๐ฉ๐๐ซ๐ข๐๐ง๐๐: Avoid being overly prescriptive and respect their autonomy in decision-making.
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๐๐ฆ๐ข๐ฅ๐ฒ ๐๐ง๐ฏ๐จ๐ฅ๐ฏ๐๐ฆ๐๐ง๐ญ: 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.
๐๐๐ง๐ฌ๐ข๐ญ๐ข๐ฏ๐ข๐ญ๐ฒ ๐ญ๐จ ๐๐๐๐ก๐ง๐จ๐ฅ๐จ๐ ๐ฒ: 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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