A new era in client services: How financial advisors can engage the next generation of clients

The 2024 Olympics offered a valuable lesson in the power of authentic engagement.

Snoop Dogg’s iconic commentary captivated a diverse audience, demonstrating the importance of relatability and connection in marketing.

The games also reinforced how different generations consume content. While older generations relied primarily on traditional television broadcasts, younger generations turned to live-streaming platforms and social media for real-time updates and behind-the-scenes content.

Just as NBC tailored its strategy to different demographics, advisors must adapt their approach to cater to the specific needs and preferences of each generation. By understanding the unique behaviors and communication styles of clients, advisors can build stronger relationships and deliver exceptional service. This is not a new concept but one that presents new considerations for serving the next-gen client base. 

Let’s take a closer look at next-gen clients and strategies to capture and maintain their attention.

Generational marketing 

Every generation has unique preferences, values, and communication styles. This approach, known as generational marketing, is essential for building strong relationships and driving growth. 

Consider the following questions throughout this article as we offer best practices for seeding future growth.

• What is your approach to client service for a new generation? Can you identify the specific demographics and preferences of your target audience?
• What offerings do you provide? Have you evaluated your current offerings and identified areas for improvement or expansion to better meet the needs of younger clients?
• How can technology help? Are you willing to explore digital tools and platforms that can streamline processes, enhance client engagement, and provide a personalized experience?

Approach: Don’t be blind to your blind spots 

Many financial advisors are eager to serve the next generation but still need to improve. Despite their best intentions, a disconnect often exists between advisors’ perceptions of their client engagement efforts and the actual experiences their clients are having.

This disconnect can be attributed to a lack of strategic planning and a failure to understand the unique needs and preferences of younger generations. Advisors may struggle to connect with their target audience without a clear roadmap and a focus on personalization. 

Offerings & technology: The power of digital engagement

Effective client engagement also requires a strategic investment in digital offerings and platforms. While it may seem daunting, the benefits far outweigh the costs. To effectively engage with a new generation of clients, advisors must embrace digital tools and prioritize ensuring their online presence is modern, on-brand, and authentic. Plenty of ways exist to take advantage of these tools and capitalize on their impact compliantly.

Consider how these offerings and technologies can be integrated into your next-gen client interactions:

The journey: Creating memorable experiences

At the end of the day, it all comes down to building an intentional journey that has a positive outcome. Consider the entire client journey and strive to create a memorable experience with these key strategies: 

• Leverage data analytics to better understand clients’ preferences, behaviors, and pain points. This information can be used to personalize your communications and tailor your offerings to meet their specific needs. This can come in the form of an NPS survey that establishes a baseline to understand that online journey. 
• Consider every touchpoint in the client journey — from initial outreach to ongoing communication. Ensure that each interaction is consistent, personalized, and valuable.
• Be obsessed with creating value. Focus on providing tangible value to your clients. This can involve offering educational resources, personalized advice, or innovative solutions to their financial challenges.
• Track key metrics to assess the effectiveness of your client engagement efforts. This can include client satisfaction ratings, referral rates, and return on investment. Use this data to identify areas for improvement and refine your strategy.

The most important thing is to understand where you are today and set a goal for where you want to be in the future. By focusing on the entire client journey and leveraging data-driven insights, you can create a memorable experience that fosters loyalty, drives referrals, and contributes to the long-term success of your practice. 

Just as you do in your daily role as an advisor, it’s all about building genuine relationships and providing exceptional value — regardless of the generation.