From Timex to Droid: How to relate to — and retain — clients' heirs

Identifying key items with different age groups can help advisers close the generation gap, Wells Fargo exec says

Jun 11, 2012 @ 2:32 pm

By

Financial advisers know that when their older clients die, their heirs are likely to change financial advisers — largely because of generational differences.

Advisers can improve their retention, however, by getting a better handle on the differences between generations. Toward that, Wayne Badorf, head of intermediary sales for Wells Fargo Funds Distributor LLC, actually associates items with each generation.

Examples? Mr. Badorf calls the group born before 1945 the Timex Generation. “There is nothing fancy about the face or band, but it is still ticking,” he told attendees at Securities America Inc.'s national conference in Denver on Monday. “They were taught the value of a dollar.”

When Mr. Badorf thinks of the baby boomer generation, he thinks of a psychedelic tie-dyed T-shirt. Baby boomers are more focused on themselves than the older generation, he said, but "they believe the world is something they could shape.”

Generation X types are the smallest generation, and are characterized by their self-reliance, he said. “A lot of them were latchkey kids,” including Mr. Badorf himself. He keeps a key on a lanyard to remind him of his peers.

As for millennials: Mr. Badorf says the youngest adult generation, is all about technology. Not surprisingly, the smartphone is the item that represents them best.

One thing they like to do with their phones is rate things, he added.

“They rate everything,” he said. “Be attuned to the social media sites these millennials go to, because they will rate you, too.”

0
Comments

What do you think?

View comments

Recommended for you

Featured video

INTV

How men and women think differently about philanthropy

Women are more emotionally connected to their gifts, and want to donate time as well, says special projects editor Liz Skinner.

Latest news & opinion

The power of philanthrophy shifts to women, and advisers are taking notice

Philanthropic women are growing in number — and stature.

Cetera brokers may go elsewhere with no stay bonuses on horizon

Some may feel spurned and leave, while others will simply shrug off latest slight and stay.

Fidelity backs away from being 'point in time' fiduciary for 401(k) plans

Some advisers think this indicates other providers will pivot in light of DOL fiduciary rule's death.

Morgan Stanley CEO is happy that brokers are staying put

Firm has seen little attrition since it dumped the broker protocol last fall, Gorman says.

Bills to reform adviser regulation, increase sophisticated investors and protect seniors pass House

Measures included in package of 32 bipartisan bills meant to ease rules, spur investment

X

Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting investmentnews.com? It'll help us continue to serve you.

Yes, show me how to whitelist investmentnews.com

Ad blocker detected. Please whitelist us or give premium a try.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print