OnePath is releasing a range of new support services for advisers to assist them ‘master the art of multi-generational selling’.
While there has been much industry focus on the need for advisers to tap new social networks to stay in touch with their clients, OnePath’s message to advisers is that one of the best avenues through which to build their Gen X and Gen Y client base is still via their Baby Boomer parents and/or grandparents.
OnePath’s Head of Insurance Sales, Kevin Goss, outlined this rationale to advisers during the company’s recent Podium Professional Development series of adviser presentations.
According to Mr Goss, there are dangers associated with an advice practice being weighted too heavily towards a single population demographic, particularly in terms of the current and future value of the business. Given the contention that a parent will do what they must in order to protect and care for their children, Mr Goss encourages advisers to have conversations with their Baby Boomer clients about the financial and lifestyle needs of the following generations in their family.
This same instinct of doing what it takes to protect and care for one’s family also serves the future needs of the Baby Boomer clients themselves. Otherwise, Mr Goss says the financial future of the Baby Boomer parent may well be compromised in order to fund the needs of their heirs.
By ensuring the insurance needs of Gen X and Gen Y children of Baby Boomer parents are met, Mr Goss says this will effectively ‘future proof’ the lifestyle of the Baby Boomer clients and their businesses.
A range of materials is being issued by OnePath in coming months that will offer support for advisers embracing the multi-generational sales and advice process.
