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Segmenting Your Clients by Age

2 min read
July 6, 2021

Segmentation is an important part of a successful wealth advisory business and allows you to make the conscious decision to spend your time on the right clients. Most advisors segment based on assets under management. While this is good for clients service plans and time management, you should also be segmenting by age and here's a couple reasons why. 

It will force you to take a hard look at your book.

Taking a hard look at your book will force you to ask the right questions. How many clients do you have in their 50s, 60s, or 70s+? What age group has the most AUM? How much longer will these clients be with you? Can you still add value in the advisor-client relationship? As your median client age gets older, you need to decide what your position with the next generation will be. If the majority of your clients are in their 60’s or 70’s, they are likely taking money out of their accounts to pay for living expenses or in the near future they are going to be transferring their wealth to the next generation. You need to decide where you fit in that equation.

You can direct your marketing efforts or newsletters to different age groups.

If you are using Mailchimp or another email marketing software, you can use tags or client profiles and send relevant material to those who you know would benefit. If you send out an article on retirement to someone in their 30’s, it will feel impersonal and they are likely to delete the email without reading it. You need to make sure that you are sending content to your clients that relates to them.  This shows them that you do work with people like them and that you know how to help them when it comes to their major life events.

More information on your business and types of clients you have allows you to make more informed decisions of where you want your business to be in the future. 

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Emily Reed
CEO and Co-Founder of HeyAdvisor
Emily is a former associate financial advisor with over 13 years experience in the financial industry. For over 8 years, she has also been working closely with advisors to help them create a more systematized business with a focus on attracting and retaining their ideal clients.

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