Don’t forget about the Boomers – financial advisor needs continue to grow

Posted On July 23, 2013

I work with a good deal of financial advisory firms, many of which are grappling with how to attract and engage younger investors to maintain a strong continuity of client base. And while this is increasingly important, it is also worth noting that the financial advisory needs of the Baby Boomers are not going away. In fact, they are likely to grow.

Relationship-oriented service businesses should not assume that all Boomers have established relationships with providers. An article in U-T San Diego quotes a 2013 study by the PNC Financial Services Group states that only 43% of Boomers surveyed have established or are planning to establish a financial plan. That means 57% of Boomers – the group that holds the majority of wealth in the nation – are likely in need of one, whether they admit it or not.

While financial advisors are out wooing younger investors who don’t think they need advisory services yet, they should also be educating older prospective clients who may be significant financial milestones in the very near future. The good news is that most financial advisors already know how to communicate with Boomers, the difference with this group of potentially hesitant clients is that you’ll need to do some educating and convincing that the need is there.

Categories: Baby Boomers, Financial Services