Financial Planning - December 2012

New GeNeratioN BY
DAVE GRANT

How to Wow Gen Y Clients
Younger consumers have high standards and a different way of doing business.
Respect the value they bring — and try some of their ideas.

Iam a Gen Y planner. But I’m also a Gen Y consumer. My crowd is tough to satisfy, but Gen Y will become the clients who will sustain your company. My generation understands (and emands) great service; our loyalty is quickly earned, should an experience exceed expectations. The service you offer even before prospects have become paying clients will set the tone for any future relationship.

I can almost hear some advisors grumbling that they don’t want Gen Y clients — for a variety of reasons. But here’s some food for thought: Gen Y has more invested in the stock market through retirement savings plans than any prior generation did at the same age, Vanguard Investment Counseling & Research Group chief John Ameriks told a Bogleheads investing conference in October, citing the company’s own data.

Maybe this generation shouldn’t be overlooked just yet?

That said, you may need to adjust your approach if you want to work with this group. As you connect with prospective clients, you need to help them understand the people they will be working with, the technology powering their plans and a sense of how they will be served in the future.

Here’s a step-by-step breakdown of ways to welcome younger prospects to your office.

or uninterested receptionist. Once my call is tranferred, I mention my experience. Shockingly, some people say they are well aware of the problem but have done little to change it.

To upgrade your performance, take part in role-playing a prospect call — and record the results. Show your receptionist exactly what you are looking for when he or she answers the phone; play back the call, then work on tonality and inflection.

INITIAL MEE TING

Let’s say you have spoken with and qualified your prospects: a married Gen Y couple. Before they come to your office for the first time, make sure to invest in some small touches that go a long way. Remember that even the length of the commute will affect their decision making; your Gen Y prospects will make a decision to work with you quickly.

If you are in an office complex, pro-
vide priority parking for clients, and
tell prospects it is for their use. If you
work where parking is not something you can
control, provide specific directions for the best
and most convenient parking for your office. If
your prospects are taking mass transit to meet
you, be certain that the directions are accu-
rate and that the train or bus schedule hasn’t
changed for the time of their visit,
Everything about the walk from the car to
the front door of your office should be tidy
and clean. Again, this may be out of your con-
trol, but if you can decorate some area along
this walk to spruce it up, then do so.

Gen Y has more invested in the stock market through retirement savings plans than any prior generation did at the same age.

ON THE PHONE

First impressions will make or break a prospective relationship. Gen Y consumers judge very quickly, so make sure whoever answers your phone is well trained. The prospect on the other end needs undivided attention; he or she may determine if they want to work with your company based on this phone call alone.