What do clients and customers want?
- Baby Boomers favour consumption
- Gen X'ers love status
- Gen Y'ers prefer experiences
- Gen Z's like meaning
It is a little bit stereotypical, but it gives you a fair steer when working out what makes them tick. Please don't mix them up.
Ages groups vary, but typically they are:
- Baby Boomers – 1945 to 1965
- Gen X – 1965 to 1980
- Gen Y – 1980 to 2000
- Gen Z – 2000 to 2020
I've got three late Gen Y children and a very early Gen Z, so I've seen it first-hand from them all. The debates we've had about climate change, vegetarian diets and freedom outweigh anything else.
- You don't have to be a Gen Y to sell/advise to Gen Y. Any person can successfully do this; you have to adapt your ways and mirror more.
- Mirroring is a delicate skill and can help you build rapport and trust. For some advisers, it comes naturally; most have to work on it.
- There are plenty of Baby Boomers who are ace at tech and use all the apps going and are acutely aware of the rise of the AI robot in giving advice.
- AI robots don't look like robots. AI is gradual, like the tide. Just look at Vanguard's ground-breaking platform investment programme and its tantalising low fee. They use AI to complement their passive funds.
- Gen Y's and Gen Z's don't like the tag; they're more individual than that, so don't use it on them; it's pretty condescending
- If you're a Baby Boomer and start tut-tutting the younger generation, think back to when you were their age. You did the same.
- Remember, these are acute generalisations, but they help you adapt to clients more than your status quo. Our industry is alarmingly good at doing everything the way we've always done it because the industry stalwarts do.
- Generational differences is just one of the elements of diversity needed in our industry. We've got a long way to go and should go there soon.