While the bulk of financial services has been focused on the baby boomer generation – as the saying goes, they’re “where the money is” – an increasing acknowledgement is growing that at some point, financial planners have to expand their horizons to the Generations X and Y that follow. Not just because eventually, Gen X and Gen Y will inherit the remaining wealth of the baby boomers, but also because – in the case of Gen X at least – they’re beginning to reach their peak earnings years, and build some serious wealth of their own.
In this guest post, Ted Jenkin of oXYGen Financial, an advisory firm that is squarely focused already on serving Gen X and Gen Y – and is doing so successfully – shares some of his own tips about how to serve Gen X effectively. From reframing away from retirement planning to “exit planning”, to recognizing the importance of coaching outside of purely financial matters, to trying to bundle services not just for pricing but for efficiency from the client’s perspective, Ted provides insight on how working with Gen X is different than generations past.
So whether you’re looking to work more with Gen X clients, or perhaps figure out why you’ve had limited success trying to work with them already, hopefully this article will be helpful to you in considering how you might need to shift your services to serve Gen X clients more effectively. Alternatively, if you’re just thinking about working with Gen X at some point in the future, this article should provide a roadmap of some of the services you’ll need to consider – and expertise you must develop – along the way.