Reflecting on the Journey
In our latest March to a Million podcast episode, we delved into a pressing topic impacting our industry: the great wealth transfer. As always, Greg DuPont, founder of the Wealth Solutions Network, and his insightful guest Matt Halloran, engaged in a thought-provoking discussion on how this phenomenon was reshaping the landscape for financial advisors and attorneys alike.
Understanding Generational Nuances
Greg began by emphasizing the importance of understanding the distinct approaches required for different generations. Many attorneys held misguided notions about these generational differences, which led to missed opportunities. From the Greatest Generation to Boomers, and now to Gen X, Millennials, and Gen Z, each group had unique preferences and expectations. The scar tissue left by recent financial upheavals had significantly affected younger generations, altering their financial outlooks and behaviors.
The Shift to Social Proof
One of the standout points from Greg and Matt's discussion was the shift from traditional word-of-mouth marketing to a foundation of social proof. While referrals from trusted professionals like CPAs and financial advisors remained valuable, younger generations now required more. They dove deeply into content before making decisions, looking for convenient, credible, and engaging material. This meant creating and sharing content that resonated with them on platforms they frequented, in formats they preferred.
Content Creation: More is More
Greg and Matt highlighted the importance of producing a consistent stream of content. The rise of the internet had democratized information, making it crucial for professionals to maintain a visible presence. Greg shared his approach of breaking down longer conversations into smaller, digestible soundbites, which were then distributed across various media channels. The key was to be omnipresent, ensuring that when potential clients started their buying journey, they found a wealth of content to explore.
The Rule of 20
Today's clients needed to see and consume content from you about 20 times before they will act. This was a significant increase from the old "seven touches" rule. It was a reminder that persistence and consistency were vital in today's marketing landscape. Every piece of content contributed to building the trust necessary for clients to make that initial contact or appointment.
Embracing Old School Tactics
Despite the digital age, traditional methods still held power. Greg discussed his use of a monthly print newsletter, a strategy rooted in his training with Dan Kennedy. This tangible piece of media reached clients and prospects directly, reinforcing his brand and message in a personal way.
Wisdom Over Knowledge
A recurring theme in their conversation was the distinction between knowledge and wisdom. While tools like ChatGPT could generate documents and provide information, it was the wisdom of experienced professionals that clients truly valued. They sought the insights and learned lessons that only came from years of practice and expertise.
Calls to Action: The Key to Engagement
Greg and Matt also delved into the importance of calls to action (CTAs). Effective CTAs were about more than just pushing for an immediate sale; they were about building credibility and inviting potential clients to take the next step in their journey. It was about finding the right balance between providing valuable information and encouraging action.
The Road Ahead
The great wealth transfer is a once-in-a-lifetime opportunity. As $74 trillion moves to Generation X and another $70 trillion to Millennials and Gen Z, the potential for estate planning, financial services, and accounting professionals is unprecedented. Greg's message was clear: this is the moment to act, to adapt, and to seize the opportunities presented by this massive shift.
To listen to the full conversation, follow March to a Million on your favorite podcasting app.
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