Invesco Global Consulting Building relationships with the next generation

Invesco Global Consulting
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Key takeaways

  • The challenge:

    We have seen that financial professionals need clarity on what matters most in order to clients to create winning strategies that endure through generations.

  • Our solution:

    Employing multigenerational strategies may help allow financial professionals to provide lifelong guidance in preparation for retirement.

  • Our program :

    By following our guide to strengthening multigenerational client relationships, you have an opportunity to position your practice to gain long-term partnerships.

The challenge: Understanding what investors want

When selecting a financial professional, clients appear to be seeking partnerships that provide long-term solutions toward retirement. Our research across three generations (boomers, Gen X, and millennials), found “living comfortably” was the top retirement priority. Preferences beyond that begin to diverge in ways that reflect differing life stages. Understanding these differing priorities may help practices form more relevant and meaningful conversations with clients across generations.

Our solution:

The next generation of investors to begin retirement planning (millennials) appear poised to inherit wealth transferred from their parents (your current clients). We believe this makes them a new client group that will need expert guidance. To gain the next generation as clients, financial professionals, in our view, need to get to know them personally and treat them like clients now, not heirs later. We offer two core exercises:

  • Family Values Exercise: Designed to help the family identify specific values that are most important to them individually as well as those that are inherent to the family itself. Once values are clear, it may be easier to make decisions around stewardship, philanthropy, and governance.
  • Family Vision Exercise: Aims to help family members further define how they want to apply their values by using a curated set of visual images to trigger personal feelings and identify specific goals, first on an individual basis and then with the family as a whole, connecting what is important to them and what they want to accomplish with their wealth.

By understanding what matters most to clients based on where they are in life, your practice has an opportunity to provide them the best service. Download our Priceless Connections toolkit brochure1 to learn more about our strategies for delivering guidance across generations and supporting lasting client relationships.

Ready to connect with clients?

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    Ask your Invesco Market Leader for IGC-PRICON-BRO-1-E-FF or download it from the link herein "Priceless Connections" is based on Invesco Global Consulting's work with Maslansky + Partners. Invesco Advisers, Inc. is not affiliated with Maslansky + Partners.

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