More importantly, your client’s ongoing advice charge has died with them - how will your business replace that revenue stream? Are you a true generational adviser or do you just give advice to the first generation?
Conversations about multi-generational planning begin with the first generation. However, true generational advice is all about the creation of an estate plan.
The success of an estate plan can depend on three factors:
- A good understating of the clients’ aspirations and goals.
- Whether the details of the estate plan have been properly communicated to family.
- The collaborative involvement of the other providers of advice to the family such as Solicitors and Accountants is essential and goes a long way to establishing long term relationships that can go beyond just generational advice.
Millennials distrust financial institutions, perhaps a hangover from the economic turmoil of their formative years. However, they do trust individuals who showcase and promote a tangible financial professionalism.
Any marketing to millennials needs to focus on not just opportunities but on the professional DNA of the people who advise on these.
Technology has moved at such a pace that any business who does not have a mobile friendly website or a social media presence is at a clear disadvantage with millennials.
Relationships with Millennials are about ensuring your business has a social media element which can be used to engage, inform and educate.
One way to do that is through business blogging.
What is business blogging?
A blog is a web page that is usually a short, impactful regular view from an individual or a company.
Blogs have boomed in the last 13 years as the number of weblogs has grown dramatically from a few thousand to more than 100m.
There are two main types of blogs:
Personal blogs: this is usually a personal diary, opinion posts or views on a hobby.
Business blogs: these are a communication tactic for small medium and large corporations to communicate with clients then share expertise and information.
More and more businesses are starting to use blogs as a powerful communications tool. They are an excellent way for any business large or small to showcase its expertise, drive additional traffic to their existing website or the site of strategic alliances.
However, the most important benefit of a business weblog is that it allows you to connect directly with your clients.
Why a business blog makes sense:
