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Think You Can Relate to NextGen Investors? Answer These Questions…


Written by: Stephen Boswell & Kevin Nichols | The Oechsli Institute

There are tremendous NextGen opportunities on the horizon. You’ve heard the statistics before, but they bear repeating:

  • 51 percent of today’s affluent believe their children will have $1 million+ investable assets, from a combination of earnings and inheritance.
  • Only 21 percent of the affluent claim that their advisor has shown interest in working with their children. 
  • Only 20 percent of Millennials with money use their parent’s FA.

Are you ready to capitalize? Use the following 10-Question NextGen checkup to assess where you stand:

NextGen Marketing

1. Do you strategically network with NextGen investors? 
If you’re not meeting them in the community, it’s very hard to sell to them. If you’re wondering where to find young investors, check out Episode 9 of The Stephen and Kevin Show.

2. Do you use LinkedIn in your marketing efforts?
NextGen investors do look you up online. What are they finding? Do you know how to run Advanced Searches to find young professionals in your area? Here are our top 3 LinkedIn tips from Episode 10 of The Stephen and Kevin Show

3. Do you have one or more NextGen referral alliances? 
All else equal, younger CPAs and attorneys, have younger clientele than their veteran peers. Develop these relationships now and you’ll likely have them for your entire career.

4. Do you host intimate client events that are built for NextGen?
Pick topics that are interesting and times that are convenient. Craft beer tasting right after work or brunch? Doable!

5. Do you engage your existing NextGen clients socially?
Getting social increases the referral flow.  Even if they’re not your largest, schmooze your NextGen clients. Our 2016 Affluent Investor Study shows that WOMI travels faster amongst Millennials than any other demographic – amplified by social media.

NextGen Relateability

1. What type of car do you drive? 
Most NextGen investors can’t relate to Grandma’s Buick or the largest Mercedes on the market.  This means, you need to be conversant on the latest well-priced cars used by young professionals. 

2. When in meetings, do you use a notepad or an iPad?  
NextGen investors are digital natives and appreciate others who are fluid with technology.

3. What type of cell phone do you use? 
Having a flip phone or Blackberry is an easy “tell” that you’re out of touch. Having a current smart phone is the first step, but being able to use it effectively speaks volumes. 

4. Are you an active user of LinkedIn, Facebook and Instagram? 
Not being on social media is seen as not being current.  Get familiar with mobile-first social networks like Instagram and Snapchat.

5. What type of headshot do you have on your website and social media accounts? 
Keep your photo current – even if you looked younger in that picture from ten years ago – it still looks like a picture from ten years ago.

Attracting NextGen clients takes time, dedication, and delayed gratification.  They won’t be your biggest clients now, but they’ll grow with you and become your biggest clients of tomorrow.

If you found this article helpful, you’ll thoroughly enjoy Episode 5 of The Stephen and Kevin Show where we shared a number of strategies for acquiring NextGen investors.  Make sure you give it a watch.

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