Do Financial Advisors Need to make a Little Change….to their Attitude?

Do Financial Advisors Need to make a Little Change….to their Attitude?Knowing who your clients are is integral to your practice; after all, you’re in a people business. If you are a financial advisor in the know, then you know that Gen X and Gen Y stand to inherit more than $41 trillion in assets by 2052, most of which is coming from their Baby Boomer parents – your clients.

If you haven’t given much thought to this rising investor, you may want to think again.  Not targeting them may be bad for business. It isn’t easy getting your foot in the door with this generation either. They have different wants and needs, as well as interests compared to their parents and grandparents. However, they are the future of financial planning and the clients you will be serving someday.

To reach this group, you may need to adjust your mentality – and become flexible, or as flexible as you can.

These generations appreciate selection and are more flexible than their parents. Being the first generation to have two working parents, they are more likely to have malleable work schedules, family leave options and more possibilities than their parents ever did. To suit them, you must also be flexible and be able to offer them a range of options, while catering to their particular requests.

They are more technologically savvy than previous generations. Gen Y is the first generation to grow up with the Internet, and these young adults are used to having everything at their fingertips and quick access to information. You need to have a presence in the places they frequent: the web, mobile and social media. You can also go as far as geo-targeting them on a local level.

Your job is to make financial investment exciting for a generation with a reputation for not saving, so that they begin to think about their financial future. Think about your business and how you can repackage it to attract and keep their interest. The goal is to engage these potential clients at the product level, company level, and experience level to gain their trust.

Another important factor to consider when marketing to the Gen X and Gen Y group is that they are more diverse than any other generation in terms of race, ethnicity and culture. Many speak different languages or have a family structure that is culturally diverse. It’s important that you connect with them at this level. Consider learning Spanish, for example, or hire people that are multilingual. Explore and understand how finances and investing are viewed among particular groups. Gen X and Gen Y’s, despite their mindset and way of doing things, are ingrained with the principals instilled by their parents and previous generations. Once you understand their culture, you can use it to show them the importance of investing and building a financial future.


Gen X and Gen Y are going to be seeking out financial advisors who understand them and work the way they do. If handled right, you may be able to capture an increasing share of their book of business.

For more information on Summit Brokerage Services, visit or contact us at (800) 354-5528.

Summit Brokerage Services is part of Cetera Financial Group, RCS Capital Corporation’s (NYSE: RCAP) retail investment advice platform.

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