Financial advisors are more focused on attracting Baby Boomer than any other generation as their future clients, according to data released D.A. Davidson & Co.’s Individual Investor Group.
The survey, in which more than 100 financial advisors participated, revealed that 59% of respondents are most focused on attracting Baby Boomers (age 52 – 70) as future clients.
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Nearly 53% of these respondents said Baby Boomers are the most attractive generation because of the advice needed based on their current life stage.
More than one-third (37%) of the respondents said they are most looking to attract Gen Xers (age 34 – 52), while 2% said they are primarily focused on attracting Millennials (aged 18 – 33).
Roughly half (52%) of those looking to attract Gen Xers as future clients said that this generation is most attractive because of their future earnings potential; and one third (35%) said that it is the advice needed based on life-stage that makes them appealing.
Notably, 62% of advisors surveyed said that they believe that younger generations are not working with advisors because they think they do not have enough investable assets.
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By GlobalDataMichael Purpura, president of D.A. Davidson & Co.’s Individual Investor Group, said: "Advisors have done a terrific job helping Baby Boomers reach their goals while navigating the financial markets. As we look to the future, we have a tremendous opportunity to advise Gen Xers and Millennials for decades to come. From communication preferences to the unique challenges and opportunities facing these generations, Gen X and Millennials play a growing role in the future of the advisory business."
When it comes to communication, advisors believe that their clients most value the personal touch that comes with working with them. The majority (51%) of financial advisors believe that the best way to engage with their clients is through in-person meetings, while 19% believe that text and/or email is the most effective form of communication.
"As advisors begin to focus more on appealing to and attracting younger clients, it’s critical to consider how they want to be engaged," said Andrew Crowell, vice chairman of the Individual Investor Group. "It comes as no surprise that a 40-year-old Gen Xer may prefer communicating with their advisor in a different way than a 65-year-old Boomer. It’s up to advisors to personalize the experience for their clients."
