By Helen Thompson
Ever notice, when you were in college, how much younger the freshmen looked each year? The same thing happens as you progress into your 30s and 40s. You think that you and your friends aren’t looking that much older, but, man, those 20-somethings are looking wet behind the ears.
Many advisors we’ve talked to over the years start in the financial-services business right out of college. If that’s you, you’re probably fine talking to people in your own generation and a bit older. But what happens when you have to sit down with someone who’s old enough to be your parent—or even grandparent—and give him financial advice?
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What happens when you have to sit down with someone who’s old enough to be your parent—or even grandparent—and give him financial advice?. |
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After all, they’re looking at you through the same lens. You’re young enough to be their child or grandchild; they know it, and you know it. “Younger advisors, particularly those right out of college, are very fearful of sitting down with people in their 50s, who are going to know much more than they do,” says Ellen Eichelbaum, president of the New York-based SpeakEasy Group (www.speakeasy.com).
Eichelbaum, a specialist in intergenerational communication, notes that ageism is inevitable. You’re 25; your client has been accumulating wealth longer than you’ve been alive. (Hopefully.) “We are the think-we-know-it-all generation,” says Eichelbaum, herself a Baby Boomer. “We want someone who shows they’ve been there and done that to tell us how to get to that next step. I am just as guilty as the next person when I go to a financial seminar just to see what happens when a 25-year-old agent sits down with me and tells me how to handle my money.”
Play up your virtues
But you have advantages over veteran agents that you might not know about, she says. First of all, that same headstrong quality that makes Boomers want to do it “their way” also means they are looking for an advisor who will let them.
It’s not so much that you need to tell them what they want to hear, she says, as that the seasoned agent is more likely to follow a formula—that they are already convinced is not their formula. The younger agent, however, might be more up-to-date with the most current solutions. “It’s not that [the older agent] isn’t on the cutting-edge of learning, but if it’s working for them, why bother reinventing the wheel?” explains Eichelbaum. “But the younger ones haven’t invented their wheel yet.”
One example that Eichelbaum mentions is long-term care insurance (LTCI). Once upon a time, agents referred to this as nursing-home insurance. If you’re with a Boomer client and use the words, “nursing home,” you’re apt to lose the sale right there. And the older agent might still be in that habit, while younger agents are finding new, creative ways of talking about LTCI.
Hi, Grandma
Paradoxically, the older your client is, the less likely your age is to count against you. The 70-plus age group is more likely to want to connect with you, so a warm, engaging approach is best. Just be careful that they don’t get too attached. “I know some women advisors who wear wedding rings only because their clients were trying to fix them up with their grandsons,” says Eichelbaum.
Judge not lest ye be judged
The age discrimination problem can go both ways. Sometimes, younger people get in front of older people and have ageist issues. Some of that is natural, as long as you recognize it and put it aside when it starts influencing how you talk to your clients, Eichelbaum says. Deal directly with the individual concerns and situation of that client.
You can help your client keep an open mind about who the agent is as well. People say that they don’t want a young agent because they want someone with experience, Eichelbaum says, but it can be an oxymoron. You might be in your mid-20s with several years’ experience while the 50-year-old agent down the road might be fresh out of the gate on his second career—but have the advantage of looking experienced.
Finally, if it’s confidence you need, try pairing up with a seasoned mentor. You can benefit from the mentor’s experience, and the mentor will benefit from watching you invent your shiny new wheel.
June 2007
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