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Client retention: The next generation

One of the greatest transfers of wealth in history will soon be upon us, and it's set to last several decades. Of course I’m talking about baby-boomers' assets being passed along to their heirs. 

Connecting with boomers' children — also known as Generations X and Y — has never been more important. But to build that trust you may have to evolve. Digitally. 

Build relationships with the next generation...

Yes, your clients value you — you've earned their business. But consider this: While your current clients chose you, their children — the successors to their wealth — did not.

You have to build new relationships with the younger generation. One way to do that simply involves speaking their language, and meeting them where they are.

Where they live, work, and play: social media

Here's something you may have in common with many of today's seasoned advisors and likely many of your clients: you are considered "digital immigrants." That is, you've adopted social media in some respect, but it might not be vital to how you build relationships.

On the other hand, many of your clients’ children are considered "digital natives." Online is almost exclusively how they communicate and build relationships. 

To build relationships with Generation X (born 1965–1980), and especially Generation Y (also known as millennials, born 1981–2001), you need to inhabit and understand their world (while remaining true to who you are, of course).  

LinkedIn can be the ideal social networking site for this — it’s professional and allows you to highlight the value that you bring to the table, but still maintains a “social” feel.

Get started today — what do you have to lose?

Here are three basic steps any advisor can take to get started with intergenerational client retention efforts on LinkedIn:

1

Create and build out your LinkedIn profile

This is where you need to open up — complete your profile so your personality shines through. You are more than “just” a financial advisor. Make sure your profile reflects this.

Tips: Write in the first person. Add interests. Join groups.

2

Connect and look for common interests

If possible, use the "get introduced" feature on LinkedIn to make the connection through your client. You never know what you’ll learn when you connect with your clients’ successors. Look for similarities and facts that can help you relate. Maybe you attended the same college, or you both love golf.

It doesn’t take long to connect with someone on LinkedIn and then view the person’s profile — but these acts could prove exceptionally fruitful in the long run. 

3

Build the relationship

Once you’ve connected, you can focus on one of the things you do best as a financial advisor: build the relationship. As you slowly establish trust, with time you may no longer be seen as “my parents’ financial advisor,” but instead as a resource.

To learn more about keeping families as clients across generations, contact your Delaware Investments regional director today.

FINRA regulates the use of social media. Advisors should consult their compliance departments about restrictions regarding the use of social media before accessing any social media networks for a business purpose.

This content is for informational purposes only and is not an endorsement of any content on LinkedIn, or any app, service, or publicly traded company. It is also not a recommendation to buy or sell a particular security.

All third-party marks cited are the property of their respective owners.

The Evolving Advisor

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