The GI Generation

For financial advisors, the "50-plus" market is large, lucrative, and growing...yet not homogeneous. This age group is actually composed of three different generations:

• The GI Generation, born between 1910 and 1932,
• The Silent Generation, born between 1933 and 1945,
• The Baby-Boom Generation, born between 1946 and 1964.

In the views of Ruth H. Mitman Ph.D, a gerontologist and educator, financial service companies should recognize that individuals who grow up during a specific time period hare the same historic environment and similar life experiences. These collective attitudes towards, money, religion, politics and gender should give providers of financial services clues...that provide competitive advantages for those advisors who are cognizant of these differences.

The GI Generation grew up during the Great Depression and World War II...and were, in general, profoundly affected by both events.

• They experienced an 86% decline in the stock market.
• Social Security and the GI Bill were enacted during their formative years.
• They are frugal and cautious...and see debt as anathema to their genetic make-up.
• The believe in sacrifice, saving, and working hard...and trust government, big-business, and each other.

Dr. Mitman has some additional points, when interacting with the GI Generation.

• When addressing them, use the formal "Mr. or Mrs. Smith," never the informal "Harold" or "Esther." In their youth, manners and respect were the expected, and proper, norm.
• As a financial advisor, they are likely to see you as an authority figure and ask for advice and recommendations.
• The age, size, and security of your company is an advantage that should be stressed from the outset. If your company has been in business for 100+ years, you miss a big opportunity by not saying so. Similarly, your years of experience are an asset worth promoting.
• For the GI Generation, personal service and relationship-building is an expectation...not a nicety.
• Remember the story about Androcles and the Lion...where Androcles removes the thorn from the Lion's paw? Given their background, the GI Generation are hyper-sensitive to surcharges and late fees...no matter how small they may seem to you. "Niggling" charges are thorns that cause this generation to roar.
• With this generation, it is a reality that you will be interacting with women, more than men. Consequently, they may be less experienced and will need more attention and patience.

How does the GI Generation differ from the Baby-Boom Generation? Significantly...and more on this tomorrow.

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