PLANADVISER - Fall 2023 - 40
How to communicate with the various age groups in the workforce
IN THE VIBRANT mosaic of 2020s workers,
we find a dynamic blend of Baby
Boomers, Generation X, Millennials
and Generation Z. Each group brings
its own unique perspective and experiences,
shaping the way businesses
are run and decisions are made.
Baby Boomers and Gen X hold
the reins of leadership in 87% of businesses,
according to Guidant's " 2023
Small Business Trends, " and command
a significant presence in the corporate
sphere. This suggests that a large
number of these leaders are not just
at the helm of their organization but
that they are also your existing and
prospective 401(k) clients.
To secure new 401(k) business
and foster employee engagement
across these four distinct generations,
you need to use an innovative
and targeted marketing strategy.
The secret lies in acknowledging
and understanding the groups'
varied backgrounds, experiences
and expectations. It's more than just
a demographic exercise: It's about
recognizing their unique journeys
and customizing your approach to
resonate with their specific needs
As leadership is passed to new
generations, adapt your content and
campaigns to meet new expectations.
Doing so will help strengthen
relationships, boost client engagement
and drive new business growth.
in San Diego,
over 15 years experience
helping 401(k) advisers build
brand awareness and promote
their specialized skill sets.
Baby Boomers born 1946 - 1964
When communicating with these tenured fiduciary leaders, keep in mind
they value traditional communications from their advisers, including:
Phone calls. Pick up the phone and say, " Hi. "
Newsletters. Educate them about retirement income options
and health savings accounts-two hot topics that blend professional
and personal concerns.
In-person meetings. Keep it old school, and drive over for a face-toface
Gen X born 1965-1980
Gen X is comfortable with technology and recoils at overt sales tactics.
Stick to fiduciary education and best practices.
3 Emails. Share timely updates.
Events. Get them out of the office and singularly focused on the
benefits of working with a professional retirement plan adviser.
Checklists/Guides. Education sells, and always quality over quantity.
Millennials born 1981-1996
Just 13% of small-business owners are Millennials, but a shift is expected on
committees as senior leaders retire. How tech-forward advisers can respond:
Quality website. Ace the first digital impression.
ď Digital marketing. Intentional follow-ups keep you top of mind.
Social media. Showcase your professional personality.
Gen Z born 1997-2012
Despite a volatile market, 66% of Gen Z save for retirement, says Transamerica's
July " Post-Pandemic Realities " report. To educate about finances, consider:
1-minute videos. Or, as Gen Z calls them, " reels. "
Memes. Humor can be a great icebreaker: Checking your 401(k)
balance and realizing it's finally more than your monthly coffee
budget: " Guess I'm officially an adult now. "
Auto-infographics. Illustrate the power of compound interest, based
on examples using automatic enrollment and automatic escalation.
40 planadviser.com | Fall 2023 | Practice Management
PLANADVISER - Fall 2023
Table of Contents for the Digital Edition of PLANADVISER - Fall 2023
At the Core
A Need to Show Value
The Talent Pipeline
Inside the Deal
Are They Legally Binding?
The SEC on Cybersecurity
From Managing to Leading
Can You Predict Client Stress?
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PLANADVISER - Fall 2023 - FC1
PLANADVISER - Fall 2023 - FC2
PLANADVISER - Fall 2023 - C2
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PLANADVISER - Fall 2023 - At the Core
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PLANADVISER - Fall 2023 - A Need to Show Value
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PLANADVISER - Fall 2023 - The Talent Pipeline
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PLANADVISER - Fall 2023 - Inside the Deal
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PLANADVISER - Fall 2023 - Demand Performance
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PLANADVISER - Fall 2023 - Are They Legally Binding?
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PLANADVISER - Fall 2023 - The SEC on Cybersecurity
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PLANADVISER - Fall 2023 - From Managing to Leading
PLANADVISER - Fall 2023 - Can You Predict Client Stress?
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