Engaging the NextGen Client

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Brian Nelson, Head of Practice Management

June 29, 2023

We all know that $84 trillion will transition to the next generation of clients and charities over the next 20-30 years. But what does that mean at the end of the day for you and your practice? In many cases, it means being prepared and best positioned to ensure you effectively keep the assets of existing clients when they transition to the beneficiaries. This may sound simple, but a recent Cerulli report states that roughly 87% of clients’ beneficiaries will leave after their parents pass away and seek another financial professional.

You can offset this statistic with small practical changes such as adopting certain tools we’ve made available to you, leveraging our resources and following the best practices of top financial professionals in the Atria family. The result, according to Barry Kruse of the Franklin Templeton Institute, is that 80% of these heirs would consider staying and continuing the relationship.  How do you do it? Consider the five steps I’ve  outlined below.

1. Know your audience and engage them

One of the most significant opportunities for financial professionals lies in the intergenerational transfer of wealth. Baby boomers have accumulated assets and are beginning to pass their wealth to children and grandchildren. By establishing meaningful, connected relationships with the next generation, you can position yourself as someone who is knowledgeable, connected and relevant, and provides solutions in areas that are important to them.

2. Understand investment objectives and priorities

The next generation of clients has unique financial priorities. They are more inclined to align their investments with their values, seeking socially responsible and sustainable solutions. You can seize this opportunity by expanding your expertise in socially responsible investing and offering tailored investment strategies that align with their interests and values, which in turn, fosters trust and loyalty. Through our deep menu of investment solutions and resources on the Contour platform, you can access more SRI/ ESG choices than ever before to help you build and customize client portfolios.

3. Leverage technology

With the advancement of technology, the next generation of clients expects a seamless digital experience when managing their wealth. Financial professionals who embrace technology and incorporate digital tools into their practice will be better positioned to attract and, more importantly, retain NextGen clients. By adopting and utilizing Unio and Clear1, alongside capabilities like business texting and the client e-Vault, you’ll have the necessary tools to engage and deliver the personalized client experience that NextGen clients expect.

4. Embrace women investors

The most recent Cerulli data suggests that more than 70% of this $84 trillion wealth transfer will land in the hands of women. Developing your own strategy for working with this group of investors is more important now than ever.

5. Engage in family conversations

Do you encourage or require planning sessions that focus on the broader family? Do you understand each family’s dynamic and why and how that drives their investment and planning approach? Based on a recent poll (more of a show of hands) at the President’s Club Conference on Marco Island, many of you acknowledged that you could do more to engage the entire family tree in these discussions. Stay tuned for additional resources and content from the Practice Management team to help.

Embrace the next generation of clients. Position yourself as their trusted partner with access to practical tools and platforms that enhance the client experience. In doing so, I have no doubt you will become effective at retaining and attracting NextGen clients and capturing your slice of the $84 trillion in motion.

For more information about how you can engage the next generation of investors or to talk to our team about the differentiated wealth management experience available only at Atria, reach out to