Ten Elements of Engagement

Helping the Millennial and Gen X children of older advisory clients with the non-investment related personal finance issues that are of particular concern to them, can demonstrate to clients’ children not only the value of maintaining their parents’ advisory relationship but also that the advisor truly is interested in their well-being.

Specifically, elements of an effort to engage adult children can include:

  1. Reviewing a child’s/grandchild’s college loan situation and suggesting ways they may be able to pay down the debt earlier or help with better techniques to juggle monthly payments.
  2. Conducting “New Parent” and “New Grandparent” sessions for clients and the adult children of older clients. The purpose is to acquaint new parents and grandparents with various financial aspects of parenthood with which they may not be familiar, especially Section 529 qualified tuition plans and other ways to save for college or post-high-school education.
  3. Reviewing the insurance needs of young families with children by explaining the differences between term and permanent life insurance, and providing guidance on how to buy the appropriate type and amount of insurance coverage.
  4. Explaining the importance of having a will and other important legal documents (healthcare power of attorney, etc.) in place.
  5. Reviewing workplace savings plans, including 401(k)s and the choices available in the plans.
  6. Reviewing credit card loans and other consumer debt and helping the teenage children/ grandchildren of clients (and sometimes even older adult children of clients) understand the basics of personal finance.
  7. Reviewing the financial aspects of a college education, and helping to review plans for college loans, budgeting and living expenses while in college.
  8. Helping the children/grandchildren of clients with the economics of first time home-buying, and understanding mortgages and borrowing costs.
  9. Including young families in all firm general emails and written communications regardless of whether they are clients themselves.
  10. Setting up a young people’s page on the advisor’s website that contains links to financial information useful to families with young children and the children themselves.

To learn more, visit: https://www.cadaretgrant.com/start-preparing-your-practice-for-the-next-generation/.