This article was promised to those who attended the FP Canada 2025 virtual conference, where I talked about how planners and advisors will want to rethink their approach when servicing the next generations of clients who feel more comfortable relying on finfluencers.
The 2024 CSA Investor Index reported that 53% of Canadian investors use social media for information about money, and that number increases to 82% for investors 18–24 years old. Michelle Schriver described my presentation in a recent article.
You will recall that I previously wrote about my big fat questions and provided you with a list. However, when I considered these questions in the context of the next generations, I concluded (with the help of AI) that those questions needed adjustment. My time was limited at the FP Canada conference, so I am taking this opportunity to dig deeper.
Big fat questions are meant to help you understand the client and forge a connection with them, before you ask them for a list of their assets, give them the risk-profile questionnaire and collect other personal information for the know-your-client form. It is getting to know the clients, their values and goals, before you press for potentially private financial information about them — questions Canadians are generally uncomfortable answering.
Many people might not have considered these questions. So, be sure to give them time to consider. It’s OK to ask these in a first meeting. But be patient. You might not get answers until your second or third meeting.
Note that because my research and consideration of the next generations of investors spans from ages 30–50, the questions might be revised further, depending on the age of the person you are meeting. Here are the suggested adjustments:
- What are your goals and dreams? Change to: What are you working toward right now — in life or career? Or, if everything went your way in the next few years, what would that look like? This is softer and might evoke a more specific answer.
- What do you like or not like about your job? Change to: What parts of your work energize you, and what parts drain you? Or, what’s something you wish was different about your job?
- What do you enjoy in your life? Change to: What brings you joy or balance these days? Or, what do you do outside of work that keeps you grounded? Or, what moments or activities make you feel most like yourself?
- What do you look forward to? Change to: What’s something you’re excited about in the next little while? What keeps you motivated when things get tough?
- What are you thinking for your job? Change to: Are you thinking about trying something new or going in a different direction? How do you see your role evolving?
- What would you change if you could change something in your past or present? Change to: If you could redo or adjust one thing about your journey so far, what would it be? Or, is there anything in your current situation you would like to shift or improve?
Next-gen goals
These adjustments are designed to make the conversation more accessible to prospective clients. The more accessible, the more likely the client can digest the questions and provide you with meaningful answers that give advisors and planners a better idea of where the client is in their life and how satisfied or dissatisfied they are. That can help them formulate personal goals.
The goals of the next generations may or may not be measured in returns on investment. They may be measured against whether they are able to meet their personal goals.
Be curious. This information will help shape how the advisor and planner can meaningfully help prospective clients identify their goals, develop a roadmap and then cheer them along the way as they take steps in the direction that is meaningful to them.
The next generations are turning to social media and finfluencers, partially because these sources are anonymous. They can avoid being judged.
Furthermore, social media is accessible. Finding a planner or advisor who does not serve them the way their baby boomer parents were served is challenging.
No matter your client’s age, take notes. The best and most meaningful notes are contemporaneous as these do not rely on memory. Adhering to my 5 Cs of documentation (correct, complete, current, consistent and contemporaneous) throughout the relationship is key to meeting your regulatory and legal obligations.
A U.S. study by Empower Personal Dashboard in the U.S. found that Gen X and Millennials are growing wealth faster than baby boomers. Assuming this also applies in Canada, advisors and planners can grow their assets under management by serving the next generations while these clients need, and will benefit from, in-person expertise.
So, when a client of the next generation has decided to move from the anonymity of finfluencers to a personal planner or advisor, consider how your personalized service/approach can be adjusted to meet them where they are. Treat them as an individual. Empower them to build a roadmap to meet their goals. Young Canadians deserve the advice of human advisors and planners, just the same as previous generations.