For the first time in American history, we have four generations in the work force working simultaneously. Each one communicates and processes information differently. With the generation gap playing an increasingly larger role in businesses and families all over the world, it's important for financial advisors to begin to learn how to talk and manage these different age groups, particularly when it comes to legacy planning.
The average age of most advisors is the mid-to-late fifties, placing them squarely in the baby boomer category. Whether you work in a team with younger co-workers, or are positioning your practice to offer multi-generational advising, understanding these differences in values, priorities, and approach to work/life balance need to be understood in order for advisors to be agile, remain relevant and retain younger clients from high-net-worth families.
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