From Boomers to Millennials: What Makes Your Clients Tick

Researchers at the Massachusetts Institute of Technology AgeLab say that in the past, the client/advisor relationship was about understanding clients’ life stages, whether that was buying a first home, expanding the family, or finding the right retirement plan. But as Generation X and Generation Y emerge as a demographic force in the area of financial advice, the needs and expectations of a marketplace with four generations have become more complex.

Different Strokes
Older clients might prefer a more personal, face-to-face collaboration, while younger clients like to communicate electronically. Older generations might prefer formal conference room meetings where a high volume of information is exchanged, while younger clients can accomplish just as much, in smaller chunks, over a period a time. Their meetings are less formal and shorter with a focus on collaboration. So while Baby Boomers may be open to breakfast meetings before work, younger generations prefer the “bytes, not breakfast” approach, MIT AgeLab director Joseph Coughlin says.
For more on differences across the generations, register at Transamerica’s New Age of Advice to download MIT AgeLab’s full white paper

Madison Ryder is a writer for Transamerica’s New Age of Advice.
Transamerica Resources, Inc. is an Aegon company and is affiliated with various companies which include, but are not limited to, insurance companies and broker-dealers. Transamerica Resources, Inc. does not offer insurance products or securities. This material is provided for informational purposes only and should not be construed as insurance, securities, ERISA, tax, investment or legal advice. Although care has been taken in preparing this material and presenting it accurately, Transamerica Resources, Inc. disclaims any express or implied warranty as to the accuracy of any material contained herein and any liability with respect to it. Interested parties must consult and rely solely upon their own independent advisors regarding their particular situation and the concepts presented here.
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