Identifying and marketing to the next generation

Listen to D. Bruce Johnston as he discusses identifying and marketing to the next generation.

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good afternoon my name is Erica Kay and on behalf of Delaware Investments I'd like to welcome you to our generation of clients today is a part of the Delaware program the market we tried to be your partner in growing your business are social media consultant thank you very much I appreciate the introduction and the kind words and especially for the opportunity to address this fascinating one thing's for certain financial advisors need to be looking at the other demographics specifically identify social media specifically to the internet and social media take a look at those demographics and how financial advisors to Lincoln and social media in order to be faster than one might think unable to the point it may be a little bit different I don't have any money and we're taking on younger clients who will become good clan Sunday is generally considered to be a bad idea younger clients are not ready for an inattentive it's tempting to work with these clients learned that it's not worth taking clients until they are both financially and mentally ready for it the notion that advisor should look across Generations regions asset classes in clinic route to expand their practices is considered to be the most successful entrepreneurs this makes firms more efficient of businesses and it makes marketing and referrals more targeted and efficient as well not a conventional wisdom highlighted that states that every new generation financial advisor Ulta pressure to get their foot in the door by working with younger clients and universally they always regretted Stiller it's different so first of all Define who is sometimes between 1960 and 1976 they referred to as the Lost Generation the reason is because they were the first generation of latchkey kids they were exposed to lots of daycare and divorce and they're also known as the generation with the lowest voting participation rate of any generation to generation find the news or tuning into the social issues around 1988 to 1984 what's in it for me generation and they have the reputation for some of the worst music ever gain popularity experiences in childhood divorce and just now age 35 to 50 have saved for retirement and don't have enough money to live comfortably in retirement people considered a bad time remember the people that came into the workforce in the early 90s careers then they started working the tech Bubble Hit cause a lot of Destruction and losses to the first and then and now they the Great Recession compared with 102,000 Boomers of a similar age 25 years ago generation net worth master's degrees in the groomer and running kids growing up without a parent and they also want to go in on Sonny and Cher plan baby boomer similar to do that more than 80% of the romance fantasy of retirement at the age of 65 65% of Baby Boomers in 53% of gen xers believe things will work out on the other hand two differences of murders between Baby Boomers and Gen Y Gen xers carry far more debt than Baby Boomers student loans and credit cards then their Elders to 67% of gen xers describes targets for sufficient retirement savings as Out Of Reach compared to 49% of the Baby Boost directions to Generations 94% as I mentioned earlier Gen X was hit very hard by the Great Recession and nearly half of their current projections show that the medium Jack Favor will only compared to replace 60% of their pre-retirement income gen-xers have six times more deaths according to the to study educated in the medium amount of $25,000 the first gen xers turn 50 this year so retirement all the sudden lose gen-y you know who are they were born between 1980 and 2000 Sierra round 2014 to a few research 7% of the American population largest generation since the baby came along and 35 now Millennials in the US account for an estimated 1.3 trillion and send it really is very modest in terms of you know what that means for persons around 13-14 $2,000 but dad is going to grow in the years to come have money they have a burning desire to spend it said they received an inheritance and anxiety is his direct result of fina...

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