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XY+ Workshop: Wealth Accumulators – how do you define this group, and how are you managing the next generation of clients coming through? – Facilitated by Emily Blanch

XY+ Workshop: Wealth Accumulators – how do you define this group, and how are you managing the next generation of clients coming through? – Facilitated by Emily Blanch

Emily Blanch
Head of Community at XY Adviser
Emily Blanch
Head of Community at XY Adviser

XY+ Workshop: Wealth Accumulators – how do you define this group, and how are you managing the next generation of clients coming through? – Facilitated by Emily Blanch

In this workshop, advisers talk about Wealth Accumulators. Advisers have different ways of looking at this topic. 

Here are some of the discussions that cropped up:

Attracting the next generation of wealth accumulators through intergenerational advice:

  • It’s a great opportunity for you to provide advice to your client’s children or grandchildren as you’ve already built that trust, know the values of that family and are familiar with their finances. You can be the trusted family adviser on all financial matters.
  • As Mathew Fogarty mentioned during the discussion, someone in the accumulator stage needs you as their adviser because they’re approaching the Sandwich Generation. So, your background in Aged Care and Estate Planning is highly valuable to them.

How to get this demographic into your practice:

  • Younger clients who are starting out on their financial journey can learn a lot from your wisdom and life experience on topics such as buying property, having children, private education and school fees etc. 
  • An emerging theme in the last few workshops we’ve facilitated is that advisers really underestimate how much value they bring to the table for clients of any age, demographic and point in their life. In this discussion, Emily referenced a snippet from Jayden Post explaining how he positions his value to clients.

Building a succession ready practice

  • Hire a younger Financial Adviser. It’s important to have a good succession plan in place. None of us is going to be around forever, so you want to be able to pass on your skills and expertise to someone who can give the same level of service and care to your clients and their children as you do.
  • Put some time and energy into training younger advisers to do what you do best, with their own flavour of course. This way, you can confidently tell your younger clients there is someone who they can depend on now and in the future. 

What wealth accumulators look for in an adviser:

  • As a millennial and wealth accumulator, Emily was asked which factors would play a role in engaging with an adviser – would age, gender or other cultural demographics influence her decision? Emily’s response covered this.
  • Age, gender etc is not as important as being able to get a sense of the adviser’s values before ever reaching out for an initial conversation. Emily said she would head to Google to check out an adviser’s website, their socials and try to figure out if there is an alignment in values before reaching out. 
  • She would also lean on referrals. Either from friends or family or from key figures online.
  • Obviously, Emily doesn’t reflect the opinions of every wealth accumulator, but this definitely helped the adviser who asked the question, who has been trying to determine whether he needs to hire a young millennial adviser specifically to engage and attract younger clients.

31/03/2022 ago

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Marketing

In this workshop, advisers talk about Wealth Accumulators. Advisers have different ways of looking at this topic. 

Here are some of the discussions that cropped up:

Attracting the next generation of wealth accumulators through intergenerational advice:

  • It’s a great opportunity for you to provide advice to your client’s children or grandchildren as you’ve already built that trust, know the values of that family and are familiar with their finances. You can be the trusted family adviser on all financial matters.
  • As Mathew Fogarty mentioned during the discussion, someone in the accumulator stage needs you as their adviser because they’re approaching the Sandwich Generation. So, your background in Aged Care and Estate Planning is highly valuable to them.

How to get this demographic into your practice:

  • Younger clients who are starting out on their financial journey can learn a lot from your wisdom and life experience on topics such as buying property, having children, private education and school fees etc. 
  • An emerging theme in the last few workshops we’ve facilitated is that advisers really underestimate how much value they bring to the table for clients of any age, demographic and point in their life. In this discussion, Emily referenced a snippet from Jayden Post explaining how he positions his value to clients.

Building a succession ready practice

  • Hire a younger Financial Adviser. It’s important to have a good succession plan in place. None of us is going to be around forever, so you want to be able to pass on your skills and expertise to someone who can give the same level of service and care to your clients and their children as you do.
  • Put some time and energy into training younger advisers to do what you do best, with their own flavour of course. This way, you can confidently tell your younger clients there is someone who they can depend on now and in the future. 

What wealth accumulators look for in an adviser:

  • As a millennial and wealth accumulator, Emily was asked which factors would play a role in engaging with an adviser – would age, gender or other cultural demographics influence her decision? Emily’s response covered this.
  • Age, gender etc is not as important as being able to get a sense of the adviser’s values before ever reaching out for an initial conversation. Emily said she would head to Google to check out an adviser’s website, their socials and try to figure out if there is an alignment in values before reaching out. 
  • She would also lean on referrals. Either from friends or family or from key figures online.
  • Obviously, Emily doesn’t reflect the opinions of every wealth accumulator, but this definitely helped the adviser who asked the question, who has been trying to determine whether he needs to hire a young millennial adviser specifically to engage and attract younger clients.