For every generation, technology provides the ability to connect advisors and clients. And as the Responsible Investment Association of Canada's research shows, while Millennials have effected previous generations' investing decisions, the generations after Millennials will influence their predecessors. The hierarchical approach of past generations like the Silent Generation and the Baby Boomers has been replaced by the entrepreneurial, fast-paced changes ushered in by Gen X and the Millennials.
The digital natives
Today we are on the precipice of a new generation, yet to be universally nicknamed. Sometimes called Generation Z (ages 20 and under).
- Digital natives.
- Have a heightened financial literacy when compared to their predecessors.
- Only a quarter of Gen Zers surveyed expect to receive retirement money from the government, versus a third of Millennials.1
The majority of Gen Z hasn't had much opportunity to accumulate wealth but there are ways to introduce them to wealth planning.
- As with Millennials, be transparent and put an emphasis on building trust.
- Meet in-person when possible: 53 percent of Gen Z prefer in-person communication over tools like instant messaging and video conferencing.2
- For digital natives, personal data privacy is key, ensure this is a part of your messaging when using technology.
- Appeal to both their experiential nature and interest in having an impact by showcasing your own experience and efforts.
- Utilize social media to disseminate content like helpful tips or short videos.
1“The State of Gen Z 2017 National Research Study,” The Center for Generational Kinetics, 2017, http://genhq.com/gen-z-2017-research-white-paper/
2"Meet The Throwback Generation" The Center for Generational Kinetics, 2017, http://genhq.com/gen-z-2017-research-infographic-stats-employees-workforce-workplace-retirement/