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How to Reach the Next Generation of Retirees

What to focus on when working with Gen X prospects and clients.

A few weeks back, I wrote about how Generation X is the forgotten generation that financial advisors should remember. In general terms, I mentioned the importance of targeting Gen X, why they are good prospects for financial advisors, where to find them and the potential issues they face as they head toward retirement. Today we’ll be digging a little deeper into how to target this demographic and what issues will be important for you, the financial advisor, so you can reach them and help prepare them best for retirement.  

The Retirement Topics Gen X Cares About 

As someone who is part of this generation, I have a unique connection to your next client demographic. When addressing the financial picture for Gen Xers, the first items that come to mind are, paying for childcare and education, buying a home and how real estate plays into a retirement plan, paying back outstanding student loans, assisting our aging parents, all on top of dealing with the rising costs of everyday items while at the same time figuring out how to save for retirement. For many members of Gen X, these questions can be stressful and keep them up at night. As a financial advisor who works with pre-retirees and wants to gain Gen X market share, consider leaning into retirement planning around covering costs associated with these issues. 

What Does it Take to Reach Gen X? 

If financial advisors want to connect with this generation, they should be able to prioritize these issues and address them with solutions. As mentioned in a previous article, a high percentage of Gen X are in the higher income bracket and have full-time jobs. But at the same time, many feel like they must sacrifice their retirement savings to be able to pay for all the expenses they have. When you target Gen X, these are the issues that, if you provide guidance on, will influence them to choose your advisory firm over any other that may be harping on other retirement topics.  

In addition, Gen X, like many generations, can be skeptical and are typically good at avoiding offers that sound too good to be true. So, make sure you approach these issues with a sense of honesty so that your voice cuts through the noise. As you may assume, Gen X also prefers their advertising to be focused on them, and to show them where they could be with the right choices. In our advertising efforts, we found that the images and people you use should be younger-looking to attract their attention. Gen X is also a fan of nostalgia, so using that in your advertising is another way for the Gen Xer to give your firm a chance. 

Target Gen X Intentionally 

When targeting this demographic, you’ll likely find success when you question the methods that worked for baby boomers. Go beyond looking at your typical filters that include retirement-related topics. It’s important to think about what interests Gen Xers have because it will uncover which places, physically or digitally, to go to for advertising. What are they looking for and thinking about doing with their retirement? What do they do with their current free time? Using these types of affinity categories alongside your in-market categories is key when building a well-targeted ad campaign that yields results for this demographic. 

A financial advisor-specific marketing firm can help your business connect with this new audience while continuing to connect with the Baby Boomer market, giving you the best spread of leads and a head start on working with the next generation of retirees. 

Craig Foster is the Director of Digital Media at Lone Beacon

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