November 17, 2017

Generational advice – for advisers


How do advisers get their clients to introduce them to their children? A powerful way is for an adviser to take their clients down memory lane and get them to recall how they felt about their finances when they were their children’s age.

Go down memory lane

Structure your questions in such a way that they evoke facts and feelings. A good way to begin the conversation is with “Remember when…”

Ask your client what their hopes and dreams were. Were they achievable at the time? Its important to ensure that your clients actually re-live the memories and not just recall them. Get them to be emotional and nostalgic about it.

Ask your client questions about what they think about their children’s financial future and how they feel about it. Ask them how they think their children will do. Are they properly equipped to plan for their goals?

Ask your clients to imagine how nice it would be if their children didn’t have to go through the same financial worries and uncertainties they endured when they were younger. Tell them you’d like to help their children start off correctly with a robust financial plan that excludes inheritance. Tell them you would like to help their children think about making money very early.

Parental permission

Get your clients permission to make contact with their children. Once you have this, compose an email to their children and forward it to the parents and ask that they send it along to their children.

In the email, thank the parents for being loyal clients and share how rewarding it has been for you to see their parents success and hear how the children have grown and succeeded. Briefly recap the conversation you initially had with their parents and reiterate the free services you offer select clients’ children. Say you’ll reach out to the children individually in the coming days via the email address the parents have provided.

Email each of the children directly. Introduce yourself by focusing on how you help your clients achieve the future they want for themselves.

Use an advisor “friendly” robo

List the free services you provide and ideas on how these services might be helpful. For example, introduce then to financial advisor friendly robo such as ItransactGO that appeals to the technology needs of a younger generation. This is a great way to get onto their level and demonstrate that you are ahead of the game. Offer to meet with them on Skype and work through the various portfolio planning solutions such a robo will offer. Ask them to contact you back when they arrive at an idea they like. If they don’t, follow up with a phone call.

Its important to not use the same strategy you use for their parents. Let technology work for you. Younger investors are quite educated already and providing them with interactive technology will put you in good standing.

New client

Guide them to start something simple, like a low cost segregated ETF portfolio or RA. They can do it all online and from this point you now have a new client that you can advise on as their lives become more complex.

Thank the parents again for the introduction and remember to never discuss with the parents what you have done for their children.