Every 7 1/2 seconds another American turns 65. This current generation of baby boomers has more wealth, will transfer more assets and is more thoughtful about financial matters than any other generation before or coming behind.
Baby boomers, those born between 1946 and 1964, are the largest demographic group in American history. They’re coming your way and looking for financial services. Here’s some things you need to know about baby boomers.
• Like those investors who experienced the depression, boomers have seen wealth wiped out in stock market declines and more reluctant than ever to invest in stocks and equity mutual funds.
• The majority of boomers would agree with Will Rogers, “The return of my money is far more important than the return on my money”.
• Because boomers may have little time to recoup any losses, preservation of capital is a key investment goal even though it may be unspoken.
• Because income is so scarce in our current market environment that it is highly valued among Boomer investors.
• The Boomer generation is very sensitive to creating relationships. They want to feel as if they have a relationship with their advisor that is more than simply managing money.
• Staying in touch with your clients is far more important than it has ever been.
• Boomers are loyal and will stay with a proven advisor even in difficult times if the relationship is been maintained effectively.
• Boomers do not mind paying for services received but if services are not received cost can be a major factor in determining their service providers.
The 12/ 4/ 2 Supernova strategy fits the boomer generation perfectly. It will not only help you retain your current clients, get more positive referrals from your client base and your centers of influence but will allow you to prospect and gain new business by offering a concierge service. A Supernova practice is a proven structure to help you grow your business among this most significant of demographic groups.
If you are a Supernova advisor, do not let anything distract you from keeping 12/4/2 service model at the forefront of all your relationships.
If you are not a Supernova advisor, come join us and learn how to multiply your effectiveness retain and add quality clients by building your own Concierge practice.