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Include the Kids in Client Conversations With Their Parents

By Crucial Clips     October 18, 2017
The following text is a transcript of a portion of a speaker's presentation made at an industry conference or during an interview. This transcript solely represents the view of the individual who spoke, and not the view of Financial Advisor IQ or any other group.
Source: FA-IQ, Jun. 28, 2017 

RITA RAAGAS DE RAMOS, SPECIAL PROJECTS MANAGER, FINANCIAL ADVISOR IQ: Hello, I’m Rita Raagas de Ramos, from Financial Advisor IQ. With me is David Geibel, senior vice president and managing director of Girard Partners, an RIA within Univest Wealth Management. In your experience, once you get the parents and the children involved, how active do the millennials want to be in terms of controlling their finances or investments? Do they want to be very active? Or do they just let you advise them, and meet you, maybe, periodically?

DAVID GEIBEL, SENIOR VICE PRESIDENT & MANAGING DIRECTOR, GIRARD PARTNERS: Our experience with millennials is, they do want to be in touch with us, as a firm. And we think that contact, much like their parents, is still viable over the phone, and in person. What we have found with millennials is they’re great with technology. So doing things like financial plans, or communicating facts and data through email, works terrific. But the personal touch of speaking to your millennial client about life events, different financial instruments we’re looking to buy for them, they want to know about it.

What we have found with millennials though, similar with Gen X, is they’re not afraid to outsource their money management, if they need it. And they’re absolutely willing to have you do your job, and not necessarily micromanage you. But they want to be communicated with, along the way. A lot of assumptions are made about that generation, that everybody -- they think they want it to be electronic. You may text them to say I’ll meet you in 10 minutes. But if you’re making a portfolio overhaul, we certainly believe that the millennial, just like their parents, values the phone call and the personal touch.

RITA RAAGAS DE RAMOS: Thank you, David.

DAVID GEIBEL: Thank you.