Maintaining customer satisfaction is a crucial element in managing your business. Along with this factor, the satisfaction of next generation family members should also be considered. To put this into perspective, approximately $27 trillion are predicted to pass from parents or grandparents to their next-generation family members. As financial advisors, a large portion of these individuals who will inherit this fortune are potential clients. A study conducted in 2014 concluded that 69 percent of the individuals surveyed would likely use the same financial advisors as their parents’ or grandparents’. This is great news for your business!

To retain these individuals, however, there are next gen strategies that must be implemented. The overarching concepts involve strong communication skills alongside education.


The coming generation tends to be described as “tech savvy”, but old-fashioned values are still treasured by these individuals. In a 2014 study, 82 percent of the participants stated that they preferred in-person communication. This was followed up by phone, email, social media, and other communication services. When it comes to the dissemination of information with next generation family members, consider the value of face-to-face communication.

Begin discussions early

For trust to develop within a relationship, time and energy must be placed into this friendship. The same concept applies to the relationship between financial advisors and next generation family members. The best time to involve these individuals in the discussion are approximately 20 years old. The financial advisor at this time can describe their involvement in the financial planning process. After introductions, financial advisors can delve into the educational aspect of their services such as describing the importance of wealth planning. However, determine that your clients agree with the diffusion of this information to their heirs.

Identify and implement values

Respecting the values of next-generation clients is crucial. A predominant amount of heirs share the same values as their parents or grandparents. On top of this, they also shared a sense of social justice. They seek to create a positive impact in the world. Emphasizing these values and comparing them to the importance of financial planning can create an engaging discussion for heirs. This allows for an opportunity to educate heirs, as well


Implementing these strategies are central to your business. Each of these strategies allows an opportunity for next gen family members to be taught the importance of financial planning. Not only that, those that are educated are more likely to be happy with their financial advisors and their financial plans. However, we understand this can be time-consuming. That’s why we also suggest educational programs to be used. In other words, older generations and future generations should be invited to an education program to learn more on wealth planning. This allows for education to happen at a much larger scale.

Whatever strategy you decide to implement, these next generation strategies are sure to increase retention rates and the satisfaction of next-gen family members. Not only that, it will also help to increase the revenue of your business and allow an easier and happier transition of wealth between your current clients and your future clients.

Genivity is here to help. We place emphasis on helping advisors with goal-based financial planning that incorporates health wealth factors to provide personalized reporting. Using this personalized report, the family and their next-generation relatives become more engaged in discussing their financial plan. This becomes an educational moment for the next-generation family members as they determine how their health choices influence their financial planning. Furthermore, it allows these individuals to determine the values that they place on these health factors. Using Genivity can create a bond between your client, their next generation family members, and your practice.