Gen X Is A Vital Segment For Advisors To Target

A new Special Report from the third annual Advisor Authority Study, commissioned by Jefferson National, operating as Nationwide’s advisory solutions business, and conducted online by The Harris Poll, profiles Generation X investors identifying key market opportunities for financial advisors. The latest findings help RIAs and fee-based advisors better understand Gen Xers’ unique priorities, preferences and concerns, so they can move the needle for their practice, enhance profitability and build a foundation for future growth. The Advisor Authority Study surveyed roughly 1,600 RIAs, fee-based advisors and individual investors across the country.

“Being in their prime earning years and next in line for inheritance, Gen X is a vital segment for advisors to target in order to enhance profitability and set their firms up for future success,” said Craig Hawley, Head of Nationwide’s advisory solutions business. “And each year, successful advisors are most likely to say that Gen X will be their primary target over the next 12 months.”

According to this latest Special Report, “Moving the Needle: Targeting Generation X,” over half of Generation X investors (52%) say they do not have an advisor. And despite their growing wealth and their complex financial challenges, Gen X investors are the least likely to seek professional advice. There is a huge opportunity for RIAs and fee-based advisors to tap into this valuable client segment.

 

Attracting and Retaining Gen X Investors

 

Concern about saving enough for retirement (30%) is the number one reason, by a wide margin, that Gen X investors have an advisor. In comparison, all other generations, including younger Millennials, say that feeling confident in their financial future (27%) is the top reason for having a financial advisor. When choosing an advisor, Gen X investors say experience matters most (41%), with personalized advice for a holistic financial picture (26%) and a fee-based fiduciary standard (20%) also rated among the top three factors, year-over-year. Likewise, Gen X investors say face-to-face meetings far outrank all other forms of communication, and regular, in-person meetings are the most effective way for advisors to learn more about Gen X investors’ needs. To effectively attract and retain Gen X investors, advisors must align with their top priorities.

To learn more, financial professionals can download this latest Advisor Authority Special Report on “Moving the Needle: Targeting Generation X” by visiting:

http://www.jeffnat.com/advisorauthority/chapter4

For more insights on Generation X and other segments of investors, financial professionals can also download the latest Advisor Authority infographic at: http://learn.jeffnat.com/advisorauthority/chapter4-infogram

 

About Advisor Authority:

The third annual Advisor Authority study explores the investing and advising issues confronting RIAs, fee-based advisors, broker/dealers and investors—and the innovative techniques needed for success in today’s complex market. It features a special focus on the most successful advisors and the most affluent investors. These latest findings are to be followed by an ongoing series of special reports that will be released through year-end.