Multi-Generational Investing

Baby Boomers have been the prime focus of advisors for over a decade. But a strong and growing practice needs broader reach.

Seventy-nine percent of Baby Boomers, 82% of Generation Xers, and 87% of Millennials would work with an advisor recommended by a family member.* If you aren't already, it's the right time to position yourself as a family wealth advisor.


Family wealth advisor

Principal provides the insight, support, and practical tools to help you create a multi-generational practice and understand:

  • The ways Boomers, Gen Xers, and Millennials view money and investing, and how to inspire intergenerational financial discussions.
  • How open Gen Xers and Millennials are to working with a family advisor (which it turns out is a lot).
  • Strategies to gain credibility and positioning—especially with younger generations.

The research

We teamed with The Center for Generational Kinetics (a thought leader in this area) to study investor perspectives across generations, and uncovered a number of unrealized and underappreciated opportunities:

Millennials, Money, and Financial Advice
An overview of the research findings, including how often families discuss money and investing, what they talk about when they do, and where they need an advisor's help.
  View the infographic
A New Look at Investing and Finances Across Generations
Go deep into the research. This white paper provides detailed insights on the three pivotal generations—Boomer, Gen X, and Millennial—including their social, cultural, and economic differentiators, and their primary concerns that can benefit from a financial professional.
  Download

Meet the whole family

They want to talk. But getting an entire family together can be challenging:

How to Plan a Family Meeting
A step-by-step guide to holding productive meetings that can introduce you to your clients’ wider families and their heirs.
  Download 
Family Financial Review—In 4-Steps
Investors can use this workbook, a fillable PDF, to documents their personal state-of-affairs and better prepare for a discussion with their advisor.
  Download

Conversation starters

It’s not easy knowing where to start the discussion. Begin with these fillable PDFs to gather information and gain insights on how generations within the family view finances and investing:

Smart Families Talk Money
Uncover your clients’ attitudes about money and investing with this questionnaire, and drive more meaningful discussions.
  Download
Test Your Money IQ
Discover the investment concepts your clients are comfortable with and those about which they could use coaching.
  Download

Nearing retirement

Social Security and Medicare are cornerstones of a secure retirement; however, both are complicated. Boomers, their families, and heirs need help understanding the basics:

Get the Most From Social Security
Give clients a solid understanding of Social Security basics—the benefits, eligibility requirements, and impact of claiming early or later.
  Download
Medicare Your Way
Answers to questions about how the four parts of Medicare differ, which may be best for your clients, when and how they can enroll.
  Download

Legacy planning

The whole family can be comforted knowing a legacy is in order. Advisors can make lasting connections with younger generations by helping older clients create their estate plans:

Create Your Family Legacy
Clients can document the pertinent pieces of their financial life to ensure loved ones have the information they need when the time comes. It’s a fillable PDF.
  Download
Leave a Family Legacy With Beneficiary Planning
Assess whether an existing beneficiary plan needs an update or a complete overhaul.
  Download

Reach a new audience

If your firm allows, it’s past time to embrace social media. Millennials in particular expect it:

Financial Professional’s Guide to Social Media
Tips to create an effective profile on the three major platforms—LinkedIn, Twitter, and Facebook—how to engage your clients where they “live,” generate relevant content, and turn your social presence into a loyal following.
  Download
Social Security Explorer
Give clients a realistic view of how different strategies could impact their benefits.
Discover how we support advisors
Find hypotheticals, financial planning information, and business-building ideas to help grow your practice.

*The Center for Generational Kinetics, "A New Look at Investing and Finances Across Generations," January 2016.