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 The Generation’s Boomers, X, and Wh. Y FIRMA April 7, 2008 Ty Bello, The Generation’s Boomers, X, and Wh. Y FIRMA April 7, 2008 Ty Bello, RCC [email protected]

Generational Issues The Financial Services Landscape is Rapidly Changing Risk Management Professionals Investment Advisors Generational Issues The Financial Services Landscape is Rapidly Changing Risk Management Professionals Investment Advisors Broker-Dealers Insurance Companies Other Providers of Financial Service

Generational Issues Are YOU ready for the ne. Xt Generation? Generational Issues Are YOU ready for the ne. Xt Generation?

For the Success of your Business The Future is about Growing is about Change For the Success of your Business The Future is about Growing is about Change is Inevitable for Success

Change is Hard “Awkward is the beginning of NORMAL” Change is Hard “Awkward is the beginning of NORMAL”

The Generation’s Understand the Generations Cultural Aspects and Values How to Bring out the The Generation’s Understand the Generations Cultural Aspects and Values How to Bring out the Best in these Generations Boomers as Workers Boomer Retirement (Trend Setters) Marketing To Boomers

PARADIGM PARADIGM

The Generations Defined Who Are They? Boomers – Born between 1946 -1964, 75 million, The Generations Defined Who Are They? Boomers – Born between 1946 -1964, 75 million, ages 41 – 59 Generation X – Born between 1965 – 1977, 44 million, ages 28 - 40 Millennials or Wh. Y – Born between 1978– 1998, 100 million, ages 27 and Under

Generational Changes like never before More than 69 million American workers are age 40 Generational Changes like never before More than 69 million American workers are age 40 and older Gen X and Y combined can’t replace the number of retiring workers

Boomers America’s first mass market 77 Million Consumed: Baby Food, Breakfast Cereals, Made Hoolah Boomers America’s first mass market 77 Million Consumed: Baby Food, Breakfast Cereals, Made Hoolah Hoop Popular As Adults they are Trend Setters Still Spending Money est. $2. 3 trillion (45 years and older) New Campaigns – Pillsbury’s “Cooking for Two”

Boomer Tsunami 7918 A Boomer Turns 50 every 7 Seconds Last Boomer Turns 65, Boomer Tsunami 7918 A Boomer Turns 50 every 7 Seconds Last Boomer Turns 65, 2030

Generational Snap Shot Cultural Aspects Topic Boomers Gen X Wh. Y The Future “Is Generational Snap Shot Cultural Aspects Topic Boomers Gen X Wh. Y The Future “Is ours” “Sucks” “Might Not Happen” Television Bonanza Family Ties Jerry Springer Wealth I’ll Earn It Don’t care much about it Gimme, or I’ll take it For Kicks Drive-ins Drive Thrus Drive Bys Loyalty to Employer Work My way up This could lead to the Top If I can’t take Saturday off, “ I Quit” School / Training Tell me WHAT to do Show me HOW to WHY do I need to do it learn this? Communication Via parents Phone Via personal Phone Pager, cell phone, email, chat rooms Pong Pac. Man Mortal Kombat Video Game

Generation Exponential Generation Boomers Defining Words Food Technology Media Holidays Electric Typewriter News Paper Generation Exponential Generation Boomers Defining Words Food Technology Media Holidays Electric Typewriter News Paper Make Gifts Milk man Telephone / Party Line National Geographic Simple Gifts Bleach man Evening Post Corner-store instamatic Super Market Typewriter w/ Changeable Cartridge News Networks Buy Gifts T. V. Dinners IBM PC, XT, AT Cable TV High Tech Gifts Fast Food Fax ESPN Cell Phone Y Fruit man in Time X Conference Calls Convenience Stores Internet Web Cast Gift Cards Super Stores Note books / Laptops Instant Messaging Internet Buying i. Pod News updates on Cell PDA’s Wireless Tech Chat Rooms “i”

Generation X and Wh. Y, As Team Members “Know The SWEET SPOT” Competency Focus Generation X and Wh. Y, As Team Members “Know The SWEET SPOT” Competency Focus Confidence SWEET SPOT Employees Response United States Sweet Spot 29% Neutral 55% Bitter 16% United Kingdom Sweet Spot 17% Neutral 64% Bitter 19%

SWEET Spot Around the Globe United States 29% United Kingdom 17% Germany 16% Japan SWEET Spot Around the Globe United States 29% United Kingdom 17% Germany 16% Japan France Singapore 4% 6% 9%

Development and Application Who are they Learners Increase Opportunity for Growth Make a Contribution Development and Application Who are they Learners Increase Opportunity for Growth Make a Contribution Each Assignment a Learning Experience Tap into their individual creativity

The Members Gen X and Wh. Y What they want – Come Alongside (In The Members Gen X and Wh. Y What they want – Come Alongside (In and Outside of Work) – Accept Them – Be open to Change Methods – Community – Build them for Their Future and the Future of your Business

Development and Application How to Bring them In (DEVELOP) Communication – Frequently, Sound Bites, Development and Application How to Bring them In (DEVELOP) Communication – Frequently, Sound Bites, Energized HOW? (APPLICATION) E-News Letters Committee Assignments (Select / Elect) Mentoring Program Constant Contact Teleconference Offering Continuing Education CEO Groups Reading Groups

Boomer Work Force Bureau of Labor Statistics – 2012 – labor force 162. 3 Boomer Work Force Bureau of Labor Statistics – 2012 – labor force 162. 3 million – 2012 – economy require 165. 3 million Attract and Retain Boomers – Provide Training Opportunities (Skills Set Advancement) – Flex hours – Mentoring – Competitive Healthcare Benefits

Boomer Retirement Trendsetters It’s Not their Parents Retirement Boomers are Confident and Independent • Boomer Retirement Trendsetters It’s Not their Parents Retirement Boomers are Confident and Independent • Need more to live comfortably • More Self-indulgent that their parents’ • Healthier and Live Longer

Financial Planning Survey Wall Street Journal 2007 (Households w/ Investments >$250 K) At what Financial Planning Survey Wall Street Journal 2007 (Households w/ Investments >$250 K) At what age are you planning to retire? • 37. 9% plan to work past 65 • 13. 4% plan to retire before 60

Financial Planning Survey Wall Street Journal 2007 What are the top 5 household financial Financial Planning Survey Wall Street Journal 2007 What are the top 5 household financial decisions? • Maintaining my existing life style (54. 3% rated very important) • Increasing my current asset level (50. 9% rated very important) • Maintain my current asset level(48. 3% rated very important) • Affording health care for my family (46. 1% rated very high) • Managing investment risk (44. 8% rated very high)

Financial Planning Survey Wall Street Journal 2007 The top three reasons for not using Financial Planning Survey Wall Street Journal 2007 The top three reasons for not using a financial planner / advisor? • I do the job just as well: 67% • I enjoy being in control of my financial investments: 62. 2% • The fees are too high: 35. 2%

Boomer – “ize” Your Business Study Business Sector Quantify Demographic Develop Boomerized Sales and Boomer – “ize” Your Business Study Business Sector Quantify Demographic Develop Boomerized Sales and Marketing – Get them In – Get them Active – Keep them – Get the Ne. Xt Generation

Marketing To Baby Boomers How is marketing to baby boomers different from marketing to Marketing To Baby Boomers How is marketing to baby boomers different from marketing to the public in general? • Coming of Age Period , Really Intense • • • Unique Message Construction Offer Strategies Product Positioning

Marketing to Baby Boomers How much influence do boomers have in terms of numbers Marketing to Baby Boomers How much influence do boomers have in terms of numbers and disposable income? Next 5 yrs: Household headed by 55 -74 yr olds (Increase 15%) With Annual Incomes of $100 K or more (Increase of 61%) 6 million – By 2010, 8 Million

Marketing to Baby Boomers Marketing Misconceptions • Typical boomer as someone who grew up Marketing to Baby Boomers Marketing Misconceptions • Typical boomer as someone who grew up in a professional, white collar, and economically healthy family • Brand loyalty hardens with age, and you can’t teach old dogs new tricks.

Marketing to Baby Boomers What Sales Pitch do they want? • Messages that help Marketing to Baby Boomers What Sales Pitch do they want? • Messages that help them process their lives • Promotions, events, and shopping environments designed to engage boomers in a personal and profound way.

Marketing to Baby Boomers What topics or approaches to avoid • • • Stereotypical Marketing to Baby Boomers What topics or approaches to avoid • • • Stereotypical Compliments rather than criticizes Messages that elevate rather than denunciate

How Is Your Customer Service DTDBW ETDBW How Is Your Customer Service DTDBW ETDBW

Working for the Boomers and Ne. Xt and Wh. Y Generations PLAN REVIEW TRAIN Working for the Boomers and Ne. Xt and Wh. Y Generations PLAN REVIEW TRAIN EXECUTE