Generational practice management: Turning Gen X, Y, and Z prospects into loyal advocates

Advisors today face unique challenges as they adapt support for three generations with very different financial pressures and communications preferences. As Gen Xers balance caregiving and retirement planning, Millennials seek data-driven insights, and those in Gen Z expect digital-first support.

This article builds on my previous pieces on the Great Wealth Transfer and the Financial Confidence Gap, offering practical steps advisors can take to move each generation from prospect to client and, ultimately, advocate.

Generation X: Overcoming pressures with clarity

Gen Xers are in a high-pressure phase of life, often balancing sandwich caregiving responsibilities alongside their own retirement goals. Advisors can serve as pillars of clarity and calm during what can easily be a confusing and stressful time. For example, an income-gap assessment can help map essential expenses against income sources.

Other tools that can help advisors connect with Gen X prospects include hosting “decision-ready retirement” sessions, providing one-page income infographics, and sharing actionable checklists. To meet Gen Xers where they are, combine written and digital resources with more personal touchpoints, like phone calls and in-person meetings.

Once Gen X prospects become clients, schedule regular touchpoints with designated stress-tests on longevity, inflation, and potential sequence-of-returns risks. Annual durability reviews offer another way to keep client conversations proactive, and advisors can walk clients through different scenarios to help them consider and plan for multiple possibilities. Helping Gen Xers see and mitigate blind spots ultimately builds confidence, turning Gen X clients into advocates who will influence other generations in their network.

Millennials: Educating and creating community

Millennials value data over anecdotes, especially when navigating financial planning. They might also have misconceptions about protection products like annuities, especially related to cost and flexibility. Advisors can bridge this gap by showing how modern solutions, like protection products, prioritize personalization and flexibility. Advisors can use fact-forward content, like short-form videos, webinars, and infographics, to deliver these insights clearly and quickly.

As clients, Millennials gain confidence when they see progress toward retirement and financial resilience. Backing recommendations with data and positioning protection products as flexible options are good entry points to empower Millennials to make their own informed decisions.

Millennial clients will become advocates when they feel informed and in control. Creating community spaces (which can be as simple as Q&A webinars) can help clients become advocates, as a designated space gives them the opportunity to share and connect with their own networks.

Gen Z: Creating lasting habits

Gen Z prospects may not be thinking about retirement products, but they are eager to build financial resilience. Advisors can be proactive by meeting Gen Zers online with easy-to-understand, on-demand content such as budgeting frameworks, plans for building their emergency funds, and introductions to protection solutions. Hosting online “office hours” and offering free virtual consultations can make engagement approachable for Gen Z prospects and clients.

Digital experiences matter to Gen Z. A 2025 SIFMA report found they are 2.5 times less likely than Gen Xers and 4 times less likely than Baby Boomers to stay with a financial services provider when better digital options are available. In other words, if you provide easy, accessible digital content and connection, you have an advantage; if not, you risk losing business to advisors who do.

To nurture Gen Z clients, help them build healthy habits, such as automating savings, paying down debt, and planning for milestones like homeownership. Bite-size learning modules and scheduled check-ins can also help establish trust.

Gen Z is most likely to advocate by sharing digital content. To facilitate information sharing, provide relevant educational resources Gen Z can easily pass along to peers.

Building loyalty across generations

The path from prospect to advocate begins with clarifying client needs, building a plan, and measuring progress. Advisors who tailor their approach to generational preferences will be better positioned to grow prospects into advocates amid the Great Wealth Transfer.

Philip E. Caminiti is vice president and head of third-party distribution at New York Life.