Client and Successor Meeting Prep: How To Retain Client Assets Across Generations

Step # 3

We last discussed different ways to meet your client’s successor in a casual setting. Now that the successor has bonded with you, it’s time for a financial meeting with your client and successor.

Begin with the end in mind as you prepare for this meeting: what is the key objective of this meeting and where do you want to be with your client and the successor in 6 – 12 months? Write down these goals and refer to them often as you continue your preparations.

Once you’ve scheduled this multi-generational meeting, in addition to your usual preparation of determining the influencers and decision makers, you MUST add this key step:

 

Review your product offerings, and your client’s existing portfolio, in light of each generation’s values, priorities and investment time frame.

To do this, review what shaped each generation and their core beliefs to better understand their values and then match your message to their values.

For example, most Baby Boomers grew up with Depression-era parents, many of whom were conservative, think long-term, and appreciate American blue chip companies.  Their investments tend to match these values.

A Generation Y successor, however, will more than likely have totally different values and as a result may not be interested in the types of investments in which their parents or grandparents are currently focused.

Gen Ys tend to be much more liberal and can be enamored with technology and/or green-centered companies and social movements.

 

You need to be aware of each generational mindset and values and be able to link investments to each paradigm.

 

In addition, you also need to practice the generational Words That Work, the most effective language to use for each generation.

This is called the Platinum Rule, which says, “Do unto others as they would do unto themselves.” In other words, speak the language of your audience to be effective.

 

Words that Work

So when you are talking to a Gen X successor, you’ll be very direct, realistic, micro focused and results driven. When you are talking to a Gen Y successor, you’ll be more global and macro focused while assessing the impact these funds can have on communities.

These details may be frustrating to have to consider as you prepare your presentation, but I promise it will pay off.  Like the Chinese diplomat who is impressed, appreciative and respectful of the American business person who has taken the time and effort to learn the native culture and customs, so too will your successor appreciate and respect you; they will leave the meeting feeling like they know and trust you.

And you’ll be infinitely closer to protecting everyone’s assets and interests.

Please take a moment to think about any meetings you’ve had with Gen X and Gen Y prospects or clients and share your experience via comment on the blog with respect to words and/or communication styles that resonated.