9 Steps to Grow Your AUM With LinkedIn. Gen Y: The Next Generation of Spenders. Empowered, disappointed, savvy, optimistic, unemployed—for anyone trying to decipher Generation Y (also known as Millennials), it means starting with a fistful of contradictions. With a population estimated at roughly 72 million, Generation Y is the most educated, diverse, tech-proficient, and soon-to-be largest American generation ever.
It is also a generation that distrusts traditional advertising and will more likely listen to the opinions of their peers. As the oldest Gen Yers reach their mid-30s and increase their spending, the pressure is on for marketers to figure out how to capture this generation's attention. Like every other generation, Gen Y has been affected by the recent recession and weak economy. For many members of this group, this has meant difficulty landing their first job or being underemployed. Although other generations have come of age during a poor job market, none have been as heavily burdened by student loans.
"It's all about engagement and experiences. How Millennial Are You? Rebranding Generation X. Talking ’Bout My Generation: How to Market So Each Generation Will Buy | Producers eSource Insurance Selling Tips & News. Warning: sprintf() [function.sprintf]: Too few arguments in /home/esource/public_html/wp-content/plugins/auto-pagination/auto-pagination-functions.php on line 96 What’s the No. 1 marketing myth today? It’s the misperception that Tweeting and Facebook groups will increase sales immediately. Yes, these tools can work, but they can also backfire if you don’t understand the three main generations in today’s workforce and how they buy. Imagine you were working in Japan, Argentina and South Africa.
Who Are the Three Generations? There are three dominant generations in today’s workforce, and each was shaped by the political, technological and societal events that occurred during their formative years. In general, Baby Boomers were shaped by Vietnam and Civil Rights, the women’s movement and putting a man on the moon. Generation X dealt with the aftermath of Watergate, the Challenger explosion, skyrocketing divorce rates and the launch of MTV. Generational Social Media. Baby Boomer Versus Generation X. Many good employees are quitting traditional organizations because the older workforce does not know how to manage them properly. I recently worked with the U.S. Army who is experiencing a severe retention problem. Highly skilled Generation X junior officers and enlisted soldiers are leaving in droves. The lure of higher paying civilian jobs is only part of the problem. According to a survey I conducted, many of these young Gen.
X officers are not merely leaving for financial reasons, but for management reasons. They don’t believe their older and more senior-ranking officers understand their needs nor manage them properly. In general, Generation X employees are those between the age of 19-34. Many times Gen. Traditional Workplace Security from the institutionPromotions based on longevityLoyalty to the organizationWait to be told what to doRespect based on position/title New Generation Workplace Generation X employees want, and expect, their employers to hear what they have to say. How to Do Financial Planning for Generation X and Generation Y.
Kile Lewis is the Co-founder and Co-CEO of oXYGen Financial—a full service family office offering financial services for the X and Y generations. It was founded in response to increasing requests from successful young people — Generation X and Generation Y investors, families, and entrepreneurs — for financial planning and advice matched to their unique needs. I have been following his company for several months and was excited to hear his insights into financial planning, specifically for generations X and Y. Here you will find the video of our conversation as well as a cheat sheet of key points if you don’t have time to watch the full 25-minutes. If you’d like to watch the segments you are most interested in, the topics below are listed alongside what time they appear in the video. Why Gen X and Gen Y are Important for Financial Planners 1:13 The financial industry is chasing the parents of Gen X and Gen Y – the Baby Boomers—because they traditionally “have all the money.”
Infographic: Generational Differences in America 101. I’ve written a lot about the different generations, and find understanding the root of their differing behavior and corresponding attitudes to be both a fascinating topic and a valuable management tool. As with everything in management, increasing the understanding between team members helps build positive and productive relationships. Also, with this understanding, it is easier to identify and focus on complimentary strengths, and opportunities for growth. The infographic below is specific to America. It identifies the life shaping events of each generation, how those events lead to specific characteristics, and how to speak to those characteristics as a manager. Learn the language of each generation to increase employee engagement, and help your employees grow and develop. For the first time in history, there are four generations in the workplace.
I hope you enjoy this cheat sheet and are able to use it to work productively with your team. Throw the Bums (Adult Children) Out! Like the old Saturday Night Live skit where the disciplinarian "Dad” driving home his wayward daughter and boyfriend from school turns out to be the parent’s Morgan Stanley advisor, a crop of new studies suggest the millennial generation needs a good talking to — with advisors bolstering their parents.
Following up on a recent Pew study finding that nearly 22 million young adults are still living at home with their parents, Securian Financial Group recently surveyed 700 of these millennials and found them somewhat clueless about how they were impacting their parents’ finances. Citing evidence of the young generation’s reputation for self-absorption—today’s young adults rank higher on the Narcissistic Personality Inventory than at any time since 1979—Securian notes that it remains unclear whether so many young adults remain at home because of the Great Recession or because they expect to be showered with parental aid. Fifty-three percent said they were jobless or underemployed.
Throw the Bums (Adult Children) Out! Capturing Affluent Clients Now. Financial Planning for Millennials - Wells Fargo Conversations. They've come of age in a distressed, turbulent economy. One would expect Millennials, young adults between 22 and 32, to be discouraged about their financial future. But a recent survey commissioned by Wells Fargo found just the opposite: Almost three-quarters of the 1,414 Millennials polled reported feeling they are in control of their future, and 67 percent believed they will achieve a greater standard of living than their parents. That positive outlook isn't surprising — or unrealistic — observes Arne Boudewyn, Senior Vice President and Managing Director of Family Dynamics and Education with Abbot Downing, a Wells Fargo business.
"This generation is well-educated, and as a result [they] have confidence in their ability to organize the world around them to achieve their goals," Boudewyn explains. Taking a clear look "Clarity is the starting point" of any effective retirement planning or financial planning, explains Boudewyn. At the same time, parents don’t want to be intrusive. Millionaire Outlook. BOSTON – Fidelity Investments® today released results of its 6th Fidelity® Millionaire Outlook, an in-depth survey analyzing the investing attitudes and behaviors of millionaire householdsi.
This year’s study found that – despite being three times as likely to acknowledge that inheritance helped build their fortune – the next generation of millionaires is working hard to grow their money. Gen X/Yii millionaires have the most positive financial outlook in the history of the study and are far from sitting idle with their investments, averaging 30 trades per month. Using a scale where +100 represents the most favorable outlook, zero is neutral and -100 is the most negative outlookiii, this year’s study found that the current financial outlook of today’s Gen X/Y millionaire is +51iv, which is 58 points above his/her older counterpart (“Boomers+v”) and the highest level since the survey’s inception in 2006.
National Financial is a division of National Financial Services LLC. Will 2014 Mark the Beginning of a Generational Talent Crisis for Advisors? Will 2014 Mark the Beginning of a Generational Talent Crisis for Advisors? This is the time of the year when we start reflecting on the year’s accomplishments and memorable events. We also look ahead to the New Year to revise business plans, create goals and develop budgets. In a recent conversation with Michael Kitces, he told me 2014 will be a transition year where we pay more attention to, and start to really notice, the coming generational age crisis that the advisory world is facing. The average age of a financial advisor is about 50 (See Will your advisor retire before you do? Or Advisor Succession Planning: Managing the Retirement of Baby Boomer Advisors) and has been rising every year as the industry fails to recruit enough young people to balance out the aging of existing advisors.
“We are seeing a transition as industry consolidation continues,” Michael says. An increasing number of advisors are now working in consolidated firms. Change can be uncomfortable for some. Financial Planning for Millennials - Wells Fargo Conversations. Wells Fargo Conversations | Wells Fargo Wealth Management | Create Wealth, Transfer Wealth, Enjoy Life. Although the overall divorce rate in the United States has remained flat since the 1980s, one particular segment of the population — older Americans — is divorcing in record numbers.
Pulling from U.S. Census data, researchers from Ohio’s Bowling Green State University note that the number of divorces among people over age 50 has doubled over the past two decades, and the rate continues to rise. Although the reasons are numerous and hazy, one thing is clear: Many who divorce — especially those in retirement — will need to adjust their financial plans. If you find yourself newly divorced in retirement, here are five money matters that deserve your attention. 1. 2. 3. 4. 5. A financial plan is more than the sum of its parts. Russell Wild is a freelance financial journalist. Photography by Thinkstock. Has Financial Industry Press Over-Hyped Social Media? - Platinum Strategies. The financial industry has a tendency to blame mainstream media for hyping financial news, and yet, is guilty of the same crime where social media is concerned.
You’ve seen the headlines – Advisor Lands $90 Million Account on LinkedIn… Financial Advisors Rave About Social Media Results… Win More Referrals With Social Media – these days, it seems like every industry journal is leading with them. An entire new crop of “social media experts” has arisen, specifically to sell it as the next magic sales and prospecting arrow in your marketing quiver. But does social media really live up to the hype? While there are some excellent reasons for social media to play a part in the modern advisor’s practice, it is vital to keep things in perspective. Social media is a tool for communication, nothing more. Social media should not be viewed as the hottest new marketing tool, the holy grail for prospecting, or the silver bullet for success.
Last fall, Accenture surveyed 400 U.S. NextGen Is Coming. Are You Ready? - Platinum Strategies. Born in 1981, I belong to Generation Y. I’m also an investment advisor representative and a consultant to 960 financial professionals. Because of where I personally fit in, the conversation about what the next generation wants from financial advisor relationships intrigues me. In most respects, I believe my generation wants the same things other generations want: sound advice for a reasonable price, accessibility, communication, transparency. In other respects though, I must acknowledge that Generations X and Y each display distinct traits that advisors should understand and adapt to if they plan to be in business 20 years from now.
Here are a few reasons why:Generation X and Millennial investors will inherit more than $41 trillion by 2052.Surveys show that 86% of inheritors do not plan to use their parents’ financial advisors.29% of wealthy investors are under age 50 and control 37% of investable assets. (Source: Marsten, Cam. Transparency matters. Provide social proof. Recruiting & Hiring: How Advisors Can Attract Millennials. The financial planning profession is finally feeling the pressure of years without an established career path. The field has lost potential new entrants to others that pay higher -- at least initially -- and many students don't even follow through on their studies to bother taking the CFP examination. There is heavy competition for the relatively few unattached experienced advisors, mainly due to the fact that firms can assign client responsibilities to these hires immediately, without extra training, and expect them to start generating revenue immediately -- especially if they have an existing book of business.
Yet with big demand and small supply, prices are high (and continue to escalate) for this type of advisor. Meanwhile, for the few firms that do seek out younger talent, there is a battle raging for the top-of-the-class newly minted graduates of CFP Board-registered programs. And even these graduating students can pose a challenge for firms looking to hire. 6 Things to Know About Recruiting Gen Y. How Advisors Should Work With Younger Millionaires. Tips for Working With Gen X, Gen Y Millionaires.
Boomer women more money-savvy than Gen X and Gen Y - Encore. By Anne Tergesen Surveys show that women trail men when it comes to their confidence and competence in managing the household finances—a situation that can make it tough for widows and divorcees in retirement. Now, a new survey by Fidelity Investments indicates that while boomer women are starting to close that gap, their counterparts in Gen X and Gen Y aren’t coming along for the ride. (There’s a shorter summary of the survey here.) Shutterstock.com Younger women are less good at this. According to Fidelity’s biannual “Couples Retirement Study,” 24% of women report that they are calling the shots when it comes to day-to-day financial decisions.
But a closer look reveals a troubling generational divide: While 24% of boomer women—those born between 1946 and 1964—say they’re the household CFO, only 17% of women in Gen X and 12% of those in Gen Y say the same. But the behavior of their Gen X and Gen Y counterparts is potentially of concern, Murphy says. Why worry? Gen X Has New Reason to Resent Boomers as Retirement Looks Bleak. Generation X, the unlucky cohort of Americans who became young adults during the boom years of the 1990s only to suffer a midlife bust, is facing bleak retirement prospects, according to a study. The Pew Charitable Trusts said the typical Gen X couple, born between 1966 and 1975, only has enough savings to replace half of its pre-retirement earnings.
Married Americans born during the first part of the baby boom, from 1946 to 1955, can expect to retire with about 82 percent of their income. The younger boomers, born between 1956 and 1964, can expect to quit work and make about 59 percent of pre-retirement earnings. The report, released yesterday, comes as the 76 million-member baby boom generation is beginning to retire, while working-age adults are confronting potential shortfalls in government-sponsored retirement and health-care programs.
Financial planners recommend that retiring Americans be able to replace 70 to 100 percent of pre-retirement income through wealth and savings. Marketing Financial Advisor Services To Millennials. Marketing Financial Advisor Services To Millennials. Millennials Are Changing the Rules of Investing | Daily Ticker. Younger Generations’ Approach to Investing. Gen X, Y found to be hands-on investors. FINANCIAL ADVISOR INSIGHTS: September 3.
What HNWs Demand of Advisors: Stay Connected, Stay Mobile.