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5 Ways to Capture Multigenerational Wealth

Learn tips to position your practice for long-term success by capturing & leveraging multigenerational wealth.

…By incorporating a multigenerational approach to your current digital marketing efforts, you can tap into this generous resource of future investors, bringing long-term stability to your practice.

- Katie Maxwell

There’s a sustained business opportunity on the horizon that can help position your financial practice for long-term success, are you taking the steps necessary to leverage its rewards? I’m talking about the great generational wealth transfer, which will see trillions in assets change hands over the next 30+ years. For the financial professional, the prospects are exciting, if not daunting: How to begin tapping into complex family relationships, overcoming communication gaps and attitudes that may not be amendable to financial planning. But by incorporating a multigenerational approach to your current digital marketing efforts, you can tap into this generous resource of future investors, bringing long-term stability to your practice.

Below are key steps you can take to attract multigenerational wealth:

  1. Online visibility: Young professionals expect credible businesses to maintain a visible digital footprint. As such, consider incorporating SEO best practices on your website, it can increase your firm’s searchability. Additionally, a digital marketing plan that incorporates paid digital ads and a regular cadence of social media posts will boost your online presence. Pro tip: Proactively connect with your clients’ children on social media.
  2. Digitize your business model: Develop a robust calendar of digital offerings, distributing video communications (via email or digital platforms), hosting webinars, and producing podcasts or Facebook Live video blogs. These are all attractive and popular ways to engage younger audiences; meeting them in a digital space where they already live is a great way to build credibility and inspire them to work with you.
  3. Offer services for the whole family: Consider offering a suite of services that speak to the needs of younger generations in addition to their parents. For example, offer a basic savings plan for younger children, a “young professionals” program for those beginning their first job out of school, and a “basic financial plan” option for when they’ve been working for a decade or more.
  4. Engage and inspire: Young investors like to feel connected to and inspired by their financial advisors. As such, don’t be afraid to let your personality shine through in your client communications. And when building your digital presence, add inspiration to your social media posts by including a quote and appropriate hashtag, such as #motivationalmonday. You can also add uplifting messages to your blogs and videos that encourage people to adopt a positive perspective. The goal is to be yourself and to build and nurture relationships.
  5. Make it personal: Start building relationships with younger generations by capitalizing on memorable life events that you track through your CRM system. You might also consider tracking things like their hobbies and interests to call back at a later date. Always try to make your communications personal. Extending birthday greetings and sending a gift to recognize a milestone event, such as a school graduation, are excellent client outreach opportunities.

We realize that getting started is the hardest part of making a transition like this in your practice, but you don’t have to do it alone.

Need additional help?

For additional support with your virtual event, contact our Marketing Consulting team at 800-877-7210 X6700 or [email protected]. For Compliance do’s and don’ts, please contact their team at 800-877-7210 X6590 or [email protected]

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Katie provides strategic, customized marketing consultations to independent advisors, banks, and institutions on website design, content creation, and social media best practices. View full bio.