The baby boomer generation is a sweet spot for retail and investment banking and will be for many years. Keying in on a number of the following facts in a positive way will add to your reputation in the community and can improve your bank travel membership.
Here are a few facts about those in their late 40s to late 60s:
The majority of middle-age boomers have more parents than children. Increases in longevity mean that many will have to care for their parents longer than previous generations. The need for housing, financial and other caregiving assistance will remain.
Nearly 50 percent of boomers are experiencing some form of hearing loss. According to the National Health Institute, one-third of boomers report they have been tested by audiologists. Many have a high incidence of hearing loss because of their lifelong exposure to loud music and other noises. Does your bank’s staff look for signs that boomers may have difficulty hearing and adjust how they speak to them?
Boomers are the first generation of which a majority have experienced divorce. Today, the percentage of first-marriage divorce is more than one-half, according to the Census Bureau. Divorce is a painful and stressful event and can strain financial relationships as well. Many important decisions need to be made, such as dividing assets and figuring out how to make ends meet, sometimes on reduced incomes. Are you prepared to assist customers experiencing divorce?
Nearly eight in 10 persons over 60 are grandparents. Some 82 percent of all adults over 60 years of age — and 50 percent of boomers — are grandparents. Today, it’s close to 80 million grandparents. They are heavily involved in funding grandchildren’s college educations. Does your bank provide financial programs for grandparents funding college education for their grandchildren?
Even wealthier boomers expect to work in retirement. Recent studies indicate that a high number of boomers — wealthy or not — plan to work well into their normal retirement years. You need to understand that working into one’s 60s, 70s and 80s can be a sign of vibrancy and a desire to keep contributing to the world. Does your bank provide conveniences and investment plans to make that easier for them to do?
For information about his “Boomerama” sales training program, contact Mike Sullivan at mps50plus@aol.com or 704-554-7863.
