grandfather holds grandchild on his shoulders

Overview

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.

Best practices

Communication methods

  • Communicate openly and positively.
  • Limit use of financial jargon.
  • Be sensitive to communication preferences:
    • Baby Boomers grew up making phone calls and writing letters.
    • They tend to prefer technology for productivity instead of communication.
    • Older Boomers may prefer face-to-face meetings while younger ones may lean towards digital communication.
  • 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.