In order to effectively connect with a client, advisors must understand the unique needs and values of that client’s generation, and tailor their services accordingly, says demographic expert Cam Marston.

“The gap that exists between these generations on what’s right and what’s wrong and how to sell me, or engage me as a client, is often very subtle, but very distinct,” said Marston, founder and president of Generational Insight, speaking at the Investment Industry Association of Canada conference in Toronto on Thursday.

Marston’s Alabama-based firm conducts research on issues related to generational dynamics in the workplace and marketplace. With major demographic shifts underway around the world, he said it’s important for all businesses – including financial advisors – to be cognisant of the differences between the generations when producing marketing materials to attract clients, and when working with clients.

He highlighted characteristics that define three major generations in the Canadian population: baby boomers, generation X and millennials. He defines boomers as those between the ages of 44 and 63, generation X as those between 31 and 43, and millennials as those under the age of 30.

When trying to attract baby boomer clients, Marston said advisors should keep in mind the characteristics that this group tends to value in a business. These include the business’s history and tenure in the marketplace, name recognition, and perceived quality. As a result, he suggested talking to a prospective boomer client about your years of experience and the name you’ve built for yourself in the community.

But don’t expect this approach to work with generation X or millennial clients.

“A baby boomer pitch to a generation Xer or millennial just doesn’t resonate,” Marston said.

These younger generations are less interested in what you’ve accomplished, and more interested in what you can do for them. When approaching prospects in these groups, talk to them about how your services will improve their lives and how you can impact their future, Marston suggested.

“These are little things that will make them a little bit more interested in you.”

When working with baby boomer clients, other factors to consider include the fact that they’re at a busy point in their lives and have limited time to spare, they’re not all comfortable with new forms of technology, and they want the financial planning process to be as easy as possible, according to Marston.

To connect with generation X clients, keep in mind that they’re skeptical about sales pitches, they’re focused on short-term goals, and they value peer-to-peer testimonials.

Millennials, meanwhile, respond well to instant gratification, and services and products that are uniquely customized to meet their individual needs.