The Baby Boomers (ages 54 to 72) were born during the post-World War II birth boom and grew up in a prosperous era of televised moon landings, the civil rights movement, Watergate, the Vietnam War, the Beatles and women's rights. It's a generation defined by:
- Both optimism and competition.
- Financially strong markets (from 1982 to 2007).
- Better educated than their parents.
- 45 percent of married Boomers have been divorced once.1
- Safety nets: nearly half of all Boomers will retire on Social Security alone.
- Communicate openly and positively.
- Limit use of financial jargon.
- Be sensitive to communication preferences:
- Keep them abreast of innovations within the financial services realm.
- Reinforce transferring values and virtues to the next generation.
- Discuss the relationship with their adult children, the role they would like them to play in their financial planning, and the role they currently play.
Meeting with them
- Schedule formal meetings at your office.
- Be conscious of potential disabilities and consult with the client to determine what aid or accommodation may best ensure effective communication in your office. If a change in venue could make communicating with your client easier, don't hesitate.