Taking a warm and knowledgeable approach is usually a good idea – but this is exceptionally true for Gen X.
This is one of the stand out features of Gen Xers: They’re down to earth. Baby Boomers made significant gains in wealth and Millennials grew up with $500 phones in their pockets. But given the economic context surrounding their lives, they tend to be less materialistic and more conservative.
There’s more evidence pointing towards a realistic approach with Gen X. Optimism doesn’t work with Gen Xers. According to the Pew Research Center, 44 percent say they are not confident about having enough money for retirement.
Together, these facts – their conservative nature and concern for retirement – are great news because you don’t have to make crazy appeals about how products you offer are larger than life. Instead, you can sell them on the safety and security of the product. Way more enjoyable than a hard sale approach, if you ask me.
Also, it turns out 66 percent report that they’re “satisfied” or “very satisfied” with their lives. Meaning, an annuity doesn’t need to transform their lives in retirement, it simply needs to help them maintain the happiness they’ve already achieved.
Work Smarter AND Harder
When Gen Xers were asked what makes their generation unique, the top three answer were technology use, work ethic and conservative values.
In Douglas Coupland’s book Generation X: Tales for an Accelerated Culture he wrote, “Gen Xers are doing the quiet work of keeping America from sucking.”
Working with Gen Xers also comes with the perk that they’re fantastic clients (sorry fellow millennials!). Bridging the gap between Boomers and Millennials they’re equally comfortable using the office fax machine, as well as their smart phones.
This drive for conservative gains and less risk make annuities significantly more marketable to Gen Xers. Boomers and Millennials are going to be far more attracted to the possibility for high gains from stocks, but the high risk is more likely to turn off Gen Xers.
With those three things, you’re situated to close some sales and help some Gen Xers have a happy retirement. Win-win.
Catherine Byerly covers the secondary annuity market for Annuity.org and StructuredSettlements.com. She received a Political Science and Communications degree from the University of North Florida and has worked in communications for the past five years, handling everything from on-air public radio casts to writing for business journals.
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