The financial services industry is a very competitive space, containing a multitude of different verticals and niches to compete within. Even if you are very good at what you do, finding new clients can still be a very strenuous and expensive process. But there is a very good reason why advisors should be more excited than ever before.
So, what is this low hanging fruit? The low hanging fruit in marketing you and your firm’s services are baby boomers. As we enter into 2017, more and more baby boomers are taking a good hard look at retirement, many for the first time. Making up over one-third of the workforce today, baby boomers are in desperate need of financial guidance. Recent studies have found that up to 45% of baby boomers have no retirement savings at all! So, how can advisors patch this hole and start taking advantage of this unique opportunity?
Start Hosting Social Security Workshops
According to some recent surveys, most baby boomers can’t even pass a basic test on Social Security. This fact is very surprising considering almost 59% of them will rely on Social Security income to live on in retirement. This fundamental gap of knowledge on such a profound aspect of their retirement income provides a unique entry-point for advisors to get involved with potential new baby boomer clients. These kinds of educational workshops can put you in front of a group of engaged individuals ages 58-69 that are eager to learn more about ways they can increase their income in retirement. One great benefit about hosting these kinds of events is the ability they provide in helping you build rapport and becoming known as the “expert” in your local community.
Focus The Majority of Your Marketing Efforts On Baby Boomers
The baby boomer generation began retiring earlier this decade, and the expectation is that roughly 10,000 boomers will exit the workforce each day between now and the end of next decade. But for many baby boomers the reality of being able to retire comfortably, and on their own terms, may not be possible. Many of these individuals are not only thinking about how they can retire comfortably, but potentially could also have other financial issues they are concerned about. Uncovering these unique pain points will allow you to tap more deeply into the much needed areas of pre-retirement planning.
If you are planning on investing your marketing dollars into a main customer segment, the facts stated in this article present clear evidence of the value in marketing to this particular age group. The fact of the matter is that this generational shift only happens once. For these reasons, the time is now to focus your efforts on solving the unique challenges and obstacles that this particular generation faces.
There are various things advisors can do to take advantage of this unprecedented opportunity in the financial services industry. But the most important thing to do is to not let it pass you by.
Call us to find out more about the several different complete turn-key marketing programs we have to offer that will help enable you to effectively target market this under-served demographic.