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5 Ways to Wow Gen Y Clients

5 Ways to Wow Gen Y Clients 5 Ways to Wow Gen Y Clients

Gen Y clients may have high standards and a different way of doing business, but they may also very well become the clients who will sustain an advisor’s company. For one, these younger consumers have more capital invested in the stock market through retirement savings plans than any prior generation did at the same age, according to Vanguard Investment Counseling & Research Group.

Here are 5 ways you can adjust your approach and welcome younger prospects to your firm.

Source: Dave Grant, columnist, Financial Planning Magazine

1. First Impression 1. First Impression

First impressions often make or break a prospective relationship, and this applies even more-so to Gen Y consumers. As you handle these younger consumers initially through the phone, understand that they will expect your undivided attention. They can be deterred by a rude or indifferent receptionist, and may never step foot in your office.

2. Initial Meeting 2. Initial Meeting

Once a prospective client makes it through your office doors, be sure to give him or her the royal treatment. Everything about the walk from the car to the front door of your office should be tidy and clean. When they are in the conference room, consider setting the table with individual place cards and freshly baked cookies. Sometimes the smallest things can make the biggest difference.

3. Show Common Ground 3. Show Common Ground

Gen Y consumers may be wary of working with someone who does not empathize with their problems. Try to build an environment where prospects can feel comfortable that they are working with someone who truly understands them. Consider creating a “client wall”, where photographs of your current clients are displayed (with prior approval, of course).

4. Data Gathering 4. Data Gathering

One of the most tedious and mundane tasks is to collect client information, but it must be done. As an advisor catering to Gen Y consumers, your job is to make the process as painless as possible. Consider having this process driven by one of your younger associates. Not only does this let Gen Y consumers know that you work with their generation, but it also shows that you trust this generation to help run your practice.

5. Time to Measure Up 5. Time to Measure Up

Is your firm providing the kind of experience Gen Y consumers will appreciate? Some firms may be closer to providing that experience than others, but no matter where they stand, all firms should understand the growing significance of the Gen Y consumer.

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Gen Y clients may have high standards and a different way of doing business, but they may also very well become the clients who will sustain an advisor’s company. For one, these younger consumers have more capital invested in the stock market through retirement savings plans than any prior generation did at the same age, according to Vanguard Investment Counseling & Research Group.

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