A recent Gallup poll revealed that today’s younger generations are significantly more likely than older generations to choose the same insurance company as their family members. When their parents value an insurance company’s brand, these younger generations follow suit. This trust in family preference contrasts sharply with older generations’ prioritization of factors such as cost and company reputation. It also creates a tremendous opportunity for Farm Bureau Insurance agents.

​

TOOLS FOR REACHING YOUNGER GENERATIONS

Recent survey findings by Charles Schwab & Company showed that just 16 percent of financial advisors are in routine contact with their clients’ children and only 40 percent view the children of clients as opportunities for their products and services. Fortunately, this trend can be reversed and Farm Bureau Insurance agents have tools at their disposal to help.

You can start engaging with a clients’ children at the beginning of the relationship. Even during conversations in the prospect stage, you can explain, “Here’s what I can do for your kids.” A “Your World” diagram that includes the clients’ children is one way to steer the conversation in this direction. Begin by offering financial planning education at applicable stages of children’s lives. For example, when a client mentions that their teenage son or daughter just secured their first after-school job, you can offer to meet with them to discuss how to save and invest their earnings. As the high school student prepares for graduation and begins applying to colleges, reach out to the parents and student to discuss the benefits of a Farm Bureau Insurance Sibling Squire policy. This would also be a good time for a conversation about post-college income potential and the importance of financial advice from a trusted financial advisor.

Your clients will also benefit from your work with their children. Whether their children are adolescents or working adults, you can help them meet their financial goals as well as improve their overall financial literacy. By making clients’ children financially self-sufficient, you decrease client worries about providing for their adult children.

​

FAMILY RELATIONSHIPS ARE KEY

Building and maintaining relationships with younger generations can be a challenge. But if you have gained the loyalty of Generation X and baby boomer clients by providing UnMatched customer service, then these clients’ children can be reached. By prioritizing the care of a clients’ children and communicating this to the family, you can improve younger-generation customer acquisition and retention.

​

DON'T MISS OUT

The transfer of Generation X and baby boomer wealth to upcoming generations will be the largest cross-generational transfer in history.
Be prepared. Proactively demonstrate your value to current clients and serve as a resource for their children.

​

MARKETING TOOLS

​

 

​