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BlogsRetirement 20/20 ®

Tailoring Your Message for Different Generations

By Keith Weber
November 28, 2011
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By now you’ve probably seen the Wells Fargo Retirement Survey that found for many middle class Americans, 80 is the new 65 when it comes to retirement.  What you may not have seen is the firestorm of online discussions this survey has created.

Primarily between the Baby Boomers and Millennials (Gen X’ers are remaining characteristically quiet), the discussion boards have gotten quite heated as the Millennials -- those currently in their late 20’s and younger -- blame not only the current economic malaise on the boomers, but also the inability to advance their own careers as fewer managerial level jobs are opening up due to boomers remaining in the workforce. 

This “gray ceiling” as they are calling it, is preventing them from attaining higher salaried positions and creating their own financial independence.

Adding fuel to the fire is the increased awareness that according to the Congressional Budget Office, for every $1 spent by the federal government on children under the age of 18, $7 is spent on the elderly. For Millennials struggling under the weight of huge student loans, this disparity wreaks of an unfair playing field.

The boomer’s (currently in their late-40’s to mid-60’s) response however, is mixed, and truthfully, not pretty. While some are referencing economic circumstances beyond their control, a lack of jobs and age discrimination for their financial struggles, others are showing an “I’ve got mine, too bad for you” attitude that’s reminiscent of the 1980’s “greed is good” mentality. 

Regardless of which side of the issue you lean, a couple observations are painfully clear.  First, working longer is going to be a retirement reality for many of your clients and, second, it’s an emotionally charged issue that potentially reveals much deeper attitudes or beliefs.

So what can you do?

First, for your younger clients, help them take control of their finances. Unfortunately many baby boomers have indeed made enough mistakes to create a textbook of “What Not To Do To Become Financially Secure.” Preaching the basics of “don’t overspend, pay yourself first, create an emergency fund and invest for the long term” are rules that never change. I know it’s not as sexy as talking about a great hedge fund, but it’s time-tested and true.

Second, for your older and middle-age clients, help them see that working longer is not the end of their dreams. According to the U.S. Department of Education, those over 45 represent the fastest growing segment of the higher education market. More and more boomers are returning to the classroom not just to stay current on existing skills, but to develop new skills in hopes of making a career change to something they’ve always wanted to do. 

It may not be the path they imagined for their 50’s and 60’s, but it is a path that many are finding more realistic and engaging.

Finally, for those clients who show an “I’ve got mine” attitude, I recommend Lynne Twist’s book The Soul of Money. We all know that in the end it’s not about the money or possessions we acquire, it’s about how we spend our time and what we can do to make the world a better place. With the challenges all generations are currently facing, it’s a message we can all be reminded of.

 

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Keith J. Weber, CFP®, CPRC, is a speaker, author and founder of Weber Consulting Group, LLC, a financial advisor training, coaching and practice management consulting firm focused on providing relationship development skills to advisors.  Through the website Retirement2020.com, Keith provides tools to advisors and clients to help build stronger client relationships.  Keith maintains the CFP® designation and is also a Certified Professional Retirement Coach.  His latest book, Rethinking Retirement, was released in July, 2010.  For more information visit www.kjweber.com, www.Retirement2020.com or connect with Keith on LinkedIn.

 

 

 

 

2 Comments

Keith, very interesting article. Thank you. While it is inescapable that boomers caused today's current job market (we elected the government, we took out loans we couldn't afford, we staffed the banks that made those loans and we staffed the rating agencies that rated the loan packages as AAA, we even bought the loans as investments) it's not clear what we need to do to make that up to today's 20 somethings. Personally I'm keeping my job and working everyday to grow my business so we can hire more young people. I want those 20 year olds to have a good life too.

Posted by: rexham | December 3, 2011 11:53 AM

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Firestorms online are just that. With a full 35% of Millennials living as adults with their parents, and another 25 to 35% still in school, and yet another 40% still fully employed, that doesn't leave many to squawk. Anyway, does a serious 27 year old think that he/she can take over the managerial position of a 50 year old? from - boomersrememberwhen.com

Posted by: GrandestR | November 29, 2011 6:36 AM

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Keith J. Weber, CFP®, CPRC, is a speaker, author and founder of Weber Consulting Group, LLC, a financial advisor training, coaching and practice management consulting firm focused on helping advisors build stronger client relationships through holistic life planning. Weber is also the publisher of Retirement2020.com, a life planning website used by advisors and clients to examine the non-financial aspects of retirement planning. Weber has been in the financial services industry for over 20 years as a nationally recognized financial advisor as well as in financial institution investment program management and broker-dealer executive management. ûDuring his planning career, Weber watched hundreds of clients struggle with daily disillusionment with their jobs while in pursuit of the retirement dream, only to see them continue to struggle with the lifestyle transition shortly after retiring. After being diagnosed with a brain tumor in 2005, Weber drew upon his own experiences and those of his clients to author the book Rethinking Retirement - How to Create the Life You Want Without Waiting to Retire. Weber now speaks frequently on the emotional and psychological factors that create quality of life at any age. ûWeber maintains the CFP® designation and is also a Certified Professional Retirement Coach. He is a frequent contributor to Bank Investment Consultant magazine, OnWallStreet.com and Financial-Planning.com. He is author of the Retirement20/20® blog on Financial-Planning.com.

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