As many of you know, I am a Certified Financial Planner, and while I am not practicing, (helping people with their financial issues), I try to stay up to date as to what is happening. An article in this month’s Financial Advisor magazine caught my eye. The Financial industry is like any other business and they face many of the same problems other business owner’s face. The following excerpts are important things that each of us has to consider as we grow our individual businesses.
- Generation X and Generation Y, the millennials, are now 60% of the work force – and the workforce drives where things are heading.
- By 2025, three out of four workers globally will be millennials or Generation Zers
- Younger generations in particular seem more interested in using technology to search for credible answers to their problems and less interested in engaging face to face with professionals.
- Even now, the old ways of doing business, predominant just 10 to 15 years ago, are now completely obsolete.
The article offered three suggestions to attract and retain clients:
- Adapt your communications to meet the preferences of each generation: Baby boomers need to be willing to reach out to millennials via texts, Instagram, Skype and Slack.
- Adopt visuals in any communications to younger generations and use video extensively.
- Focus on enhancing client experiences through technology.
Yes, I still believe that the “Human Touch” will continue to play an important role in the future, but I realize that technology has to be embraced and woven into our business structure.
Two personal examples are entrenched in my mind: The first is watching my 8th grade grandson. Technology rules his world. He grew up on an I-Pad, there are no books in his school. His means of communications allow him to talk to one or many friends simultaneously on a cell phone. He plays games on an x-box with friends from all over the country. The second is the new car I bought this week. The technology in this car was not available just three years ago.
Things like Uber, Alexa, virtual reality and artificial intelligence are changing our business world on a daily basis. How are you preparing to lead change?
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