There are 4 generations involved in your business. From the youngest staff or clients to your retiree clients. Learning to communicate effectively across the ages is critical to your success.
There are four generations in play in the world right now. Five if we include Generation Z or whatever the heck we’re going to be calling them. Your communication with all of these different groups impacts your market , client retention, staff morale; In short, it impacts your bottom line. High client turnover impacts staff morale, your revenue stream, and your marketing expenses. Staff turnover impacts your training expenses. And again the morale of your company. So learning how to communicate with these different groups will help you reduce all the turnover, all the turmoil within your business and keep it running smoothly.
Did you know that according to Investment News, 30 trillion dollars is in position to be passed on from Baby Boomers to their children. And further, 66% of children fire their parents advisor when they either inherit or takeover handling parent’s finances. For those of you not doing the math, that’s 19.8 trillion dollars that’ll be changing from one advisor to another. Do you want that to be you? And it’s not just about you. You can use your information on communication with your clients. They’ll be facing these issues too. They may be hiring younger employees or working for younger bosses, working for older bosses. If your planning encompasses the human capital element of financial planning you can use your knowledge about communication to help your clients do even better in their financial lives
No matter how you look at it, it really behooves you to learn a little bit about different generations, how they communicate with one another , to take you business and your clients businesses to the next level.