What are they looking for?
More than ever, Gen Xers are looking for financial help and guidance. They have an overall lack of financial knowledge and having lived through the dot-com bubble and the recession of 2008, are risk-adverse. They also tend to lack a trusted source for financial help. But what are they looking for?
- 41% want help calculating how much money they need to save for retirement
- 38% want help in determining at what age they can afford to retire
- 37% want help on deciding where to invest4
As you can see, there is plenty of opportunity on the investment side of things. But what about life insurance? With 68% of Gen Xers saying they need life insurance coverage5 and 31%6 concerned about their family’s financial state should they die, opportunities abound for information and education. That’s where you come in.
How to reach them?
Gen Xers are more likely to consult with friends and family to learn about life insurance, so be sure to build good relationships with your current clients so they won’t hesitate to refer you. Gen Xers also turn online and to social media to do their own research, so having a professional and polished online presence is very important. Make sure your website is current and complete with not only your contact details, but also relevant and timely articles and information. Post articles—either written by you or other subject matter experts—to your social media accounts using relevant hashtag. Almost half of Gen Xers will check an advisor’s social media presence and activity7, so if you’re not there, you could get left behind! ivari’s social share feature takes all the guesswork out for you. Simply select the article you want to share, the platform you want to use (Twitter or Facebook) and post! We’ve taken care of the content and links for you.
But it doesn’t end there—don’t forget the personal touch! Sixty-four percent of Gen Xers believe that meeting with an advisor in person before buying life insurance is important and more than half prefer that their first meeting with an advisor be in person!8 So take the time, build the relationship and position yourself as a subject matter expert. Then when the consumer is ready to purchase, you will be the first name that comes to mind!
To learn more, check out this infographic, or get in touch with your advisor.
1 Statistics Canada, 2018 Labour Force Characteristics
2 US Department of Labor Bureau of Labor Statistics, “Consumer Expenditure Survey: Midyear Update: July 2017-June 2018,” April 26, 2019
3 Franklin Templeton Investments Canada’s 2018 Retirement Income Strategies and Expectations (RISE) survey
5 LIMRA 2019 Insurance Barometer Report
7 LIMRA 2018 Insurance Barometer Report