Advisor Insights

A Checklist for Developing a NextGen Offering

Helen Modly, CFP, CPWA

By Helen Modly, CFP, CPWA, and Tiffiny Dimel, CRP

Expanding traditional wealth management services to attract younger generations is a hot topic today. Identifying what they want, how to reach them, how to service them, and even how to text them is proving to be a challenge for firms built on serving baby boomers with a traditional assets under management model. They are early accumulators, so most don't have the investable assets necessary to meet many firms' thresholds. How can advisors develop a new business model to serve this demographic?