Do not forget about Generation X

April 04, 2018 by Sean Marus

A Generation X couple enjoys their pre-retirement years.

About the author

Sean Marus

Product marketing specialist

With years of experience in product marketing and content generation in the financial services industry, Sean is committed to providing informative and impactful content to financial professionals and the clients they serve.

$30 trillion — the figure that looms large over the financial services industry. Over the next few decades, older generations are set to transfer this incredible amount of wealth to their younger family members. This infusion of wealth, which is largely thought to be filtering to the youngest generation in the workforce, is causing a scramble among enterprise firms, independent advisors, and essentially every other type of financial professional.

Lost in the chaos, however, is the generation that is quietly inching toward retirement  Generation X. This cohort is now slated to have $22 trillion in investable assets by 2030, which is when the oldest individuals within the group will hit retirement age.

Here are some effective ways to appeal to Generation X to build relationships before this wealth transfer occurs.

Stay connected

According to a Global X study, Generation X want frequent contact with their financial advisor. In fact, 78 percent of poll respondents want to hear from their financial advisor at least every quarter. With NaviPlan®, advisors can more easily stay at the forefront of a client’s life. With progress reporting, an interactive client portal, and engaging reports, you can connect with your clients like never before.

Offer retirement planning

According to an article by ThinkAdvisor, the most prevalent reason that individuals within Generation X seek advice from financial professionals is that they are worried that they do not have enough saved for retirement. With the right software solution, advisors are able to demonstrate the incredible value they can bring to their clients’ lives.

With the most reliable calculation engine in the market today, NaviPlan is able to provide accurate results that can support a financial advisor’s fiduciary status. Additionally, the scalable nature of NaviPlan empowers advisors to meet the unique retirement planning needs of every client, from simple to sophisticated.

Broaden your advice model

The experience that you deliver to your client truly matters. According to ThinkAdvisor, the main factor that Gen X respondents gave for choosing a financial advisor was a high-quality experience; second-most significant was the ability to offer personalized and holistic advice.

It is important to offer more than just retirement planning. Whether it is planning toward a major purchase, funding loved ones’ higher education, or working through detailed tax planning, a diversified offering makes you an invaluable asset to your clients’ lives. With a robust offering of modules that can be enabled according to specific needs, NaviPlan will empower you to connect with your clients on the most fundamental and personal level.

Approximately four out of five individuals in Generation X are likely to seek professional advice when planning for their retirement. However, over half of those in the cohort do not have a relationship with an advisor. “The forgotten generation” wants your advice — and with the right technology, you can impact their financial future.

To learn about how Advicent technology can help you connect with prospects, click here.