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How many young clients do you have today?



We all rave about wanting to be young again ourselves, yet how many of us ever had a financial service professional proactively call on us about our financial planning or risk management back then? And if they had, how different would our financial knowledge and planning be today? Probably pretty drastic. If we know this to be true, then why do so few of us have any younger prospects we call on?


Ryan Neal with InvestmentNews recently penned an article on, "5 Ways to Connect with Millennials" and I couldn't agree more with many of the thoughts outlined. Not only because they make sense - but think about it this way, we were all young people at one point and look at where we are today? Would our lives have been different had we followed Neal's reminders from the article? Let's examine what he shares:


1. Personalize your services.


I'm extremely bullish on this topic in 2020. I have a webinar coming up on March 4, 2020, with Ryan Metzler of Finlocity on this topic. (Register to learn more.) You can create a process around adding value to others and it can come in the form of free resources. Think about checklists that would help someone or a video explaining Social Security concepts. You can then personalize this and share it with others. Everyone just wants to be seen in the forest of people out there.


2. Debt...how can you help?


Helping a young person out of debt today can very well equal having a responsible investor and risk manager tomorrow. What are you doing to help your community-at-large understand all the implications of debt? If you don't offer this service, is there someone in your local area you can partner with to handle this?


3. Can you give a young person time to grow up?


Ok - if you're getting ready to retire next year, maybe millennials won't be your new thing, but if you have 5+ years left in this profession, can you just give younger clients an opportunity to grow up? I'm not talking about behavioral maturity and immaturity (and younger people reading this...keep reading before you get upset) but what about time to grow into a career? into a lifestyle? into a new tax bracket?


4. Are you ready to mentor younger clients?


If you're not a good mentor yourself, do you have someone in the office who works well with others? Who has the heart to help someone embrace point #3 above and mature into their earnings and understandings of debt, credit, money, investments, insurance, etc.? I've not always been the best person to mentor others but many years later I'm in a much better position to do so and now embrace helping younger professionals.


5. What's your availability?


Younger clients are likely not gonna call you. But they will DM you on a social media platform, they will text you, they will go to your site and use a bot. Are you and your office equipped with availability?


PERSON OF ACTION: Get honest with yourself on how much you really want to work with millennials and if you have capacity to do so - then go all-in at THEIR expectation level, not yours. Go over Neal's article with your colleagues. Heck, review the article with your clients and ask them if you're doing a good job in this area. Send out a SurveyMonkey and let your clients unleash their ideas. Change is good and small tweaks in your practice can make profound differences in a younger client's long-term financial sphere.


Warrior on -

Sheryl Hickerson



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