Building relationships across genders and generations

Practice Management

Building relationships across genders and generations

Tips for attracting and retaining diverse investors

The numbers are shocking: An estimated 70% of widowed women change advisors within one year of the loss of a spouse (Kingsbury and TD Ameritrade Institutional, 2013), and only 2% of children keep their inheritances with their parents’ financial advisor (Doolin, Preisser and Williams, 2011).

Branch professionals from some of our top-producing offices attended the Branch Professional Workshop in St. Petersburg on February 23-25, with a focus on building relationships with both genders and across generations. Attendees gathered ideas from Raymond James experts and our education and marketing partners to help them purposefully plan interactions that resonate with women and families.

Here are some of the top ideas shared:

  • If you are trying to attract Gen X and Gen Y with baby boomer tactics, you will fail. Design your website and use social media to attract the next generation of investor.
  • If you don’t have a strong connection with both spouses in the first generation relationship, it’s nearly impossible to retain multigenerational assets. Work to establish and maintain relationships with both spouses.
  • Get familiar with services your trust department and banking partner offer so you can listen for cues and easily identify clients that could benefit from those offerings.
  • Recognize clients don’t necessarily understand industry jargon, and strive for simplicity in your communications.
  • Many wealthy clients are afraid to talk about money with their children, yet worry that the children won’t be able to manage it. Consider how you can help facilitate that conversation.
  • Audit your office space. Does it offer modern touches that appeal to Gen X and Gen Y investors? Can older generations easily enter your office and maneuver around the furniture, decorations and floor coverings? If not, consider how you can make changes to welcome a greater number of clients.

Building relationships with clients and their families will help you gain a deeper understanding of who they really are and be more instrumental in helping them achieve their goals and dreams, regardless of their gender or generation. 

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