14 Ways to Engage the Next Generation in Planning

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Engaging the next generation in financial planning is essential for the long-term success of financial advisory practices. Here are steps a financial advisor can take to connect with and effectively engage the next generation in financial planning:

1. Understand Their Needs and Goals:

Begin by getting to know the individual goals and financial needs of the next generation clients. Every person’s situation is unique, and understanding their specific objectives is crucial. Using Legacy’s Values Exercise, Vision and Goals conversation will help you uncover what matters to your clients and why. 

2. Educate and Empower:

Younger generations often lack financial literacy. Offer educational resources and materials to help them understand the basics of financial planning, such as budgeting, investing, saving for retirement, and managing debt.

3. Digital Engagement:

Embrace technology and social media to reach out to the younger generation. Create a strong online presence through websites, blogs, social media accounts, and interactive tools. This will make it easier for them to access information and communicate with you.

4. Tailor Communication:

Adapt your communication style to resonate with younger clients. They may prefer text, email, or video calls over traditional in-person meetings. Be responsive and accessible through the channels they prefer.

5. Collaborative Approach:

Involve them in the planning process. Encourage them to actively participate, ask questions, and express their goals. This collaboration will make them feel more invested in the planning process.

6. Ethical and Sustainable Investing:

Highlight the importance of ethical and sustainable investment options. Many younger investors are interested in aligning their investments with their values, so discuss ESG (Environmental, Social, Governance) options.

7. Online Tools:

Introduce them to online financial planning tools that can help automate and simplify their financial management.

8. Long-Term Planning:

Emphasize the benefits of starting early when it comes to saving for retirement and other long-term goals. Show them the power of compounding over time.

9. Multigenerational Planning:

Encourage discussions between generations. Younger clients may have family or inheritance-related concerns. Facilitate conversations to ensure that their financial planning integrates with broader family goals.

10. Transparent Fee Structure:

Be transparent about your fee structure and how you are compensated. Younger clients often prefer fee-based or fee-only advisors to ensure their interests are aligned.

11. Regular Check-Ins:

Schedule regular check-in meetings to review progress and adapt the financial plan as needed. Consistent communication will help keep them engaged.

12. Social Responsibility and Philanthropy:

Discuss opportunities for charitable giving and social responsibility in financial planning. Many younger clients are interested in making a positive impact on the world.

13. Networking and Events:

Organize networking events or seminars specifically aimed at younger clients to help them connect with peers who are also interested in financial planning.

14. Stay Current:

Keep up with the latest financial trends, technology, and investment options to provide relevant advice to the next generation.

Engaging the next generation in financial planning requires a combination of education, communication, and adaptability. By understanding their unique needs and preferences, you can build lasting relationships and help them achieve their financial goals.

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