Attracting the Second Generation of Clients

There are certain service-based industries where engaging the second generation of clients is imperative to business growth. It is easier to maintain and retain key clients, their business, and eventually their kids’ business, without having to market to and acquire completely new client relationships. Wealth management and financial planning are a perfect example of this. Since most wealth management clients’ will likely leave a legacy to their heirs, your goal will be to build a client relationship with the heirs before they become inheritors so that they continue to use your services when they do. This could also be the case in situations where a family business is being passed down to another family member.

The key to attracting the second generation of clients is to focus on educating them and seek opportunities to include them in conversations with your clients. Beyond these interactions, your team can reach out to these 2nd gen clients to teach them about (1) matters that are important to them and (2) your business can help them with. A few techniques that engage the second generation are short educational webinars with interactive chat for Q&A, an event where they get involved in helping a local charity with your team (Habitat for Humanity, Soup Kitchen, Food Pantry, etc), or a demo to an app that is interesting and useful to their every day life. The best source of ideas will come from the second generations’ parents as they will promote your efforts to their children. 


Instead of looking for completely new clients each year, think about which of your clients have children that may be interested in your services. When you build trust with the 2nd generation, you can:

  • Save money marketing to cold leads
  • Impress your client with the interest you have in their family
  • Generate new business from the business you already have
  • Build a reputation for going above and beyond


Establish a generic sign-up link to your portal, which contains DIY tools, and send it out with a video showing how to login and navigate the portal.
Setup Doodle and use it to coordinate video calls with the current client and their adult children.
For financial advisors, you can click on the DOWNLOAD button below and refine the PowerPoint presentation with education data. This PowerPoint can be screen shared and provides a visual explanation of what you are saying. For non-advisors, you can download the slide deck and modify it for your industry.
Finally, have each professional advisor identify 5 clients with adult children and start scheduling the calls.

Reflect and Prioritize

Over the next 30 years, roughly $30 trillion dollars is expected to be passed from the Baby Boomer generation to their heirs. If you can build trust within your client’s family, the inheritors of that wealth will seek your help vs. a stranger’s. Building a relationship with the next generation will also save money marketing and propel your business and profitability forward. You already have a shoe in by working with the client, so take advantage of that and foster relationships with the 2nd generation as well.

Please remember to add any new epiphanies and ideas to your Master Plan of Ideas and Initiatives.