Generational Differences

In the vibrant mosaic of 2020s workers, we find a dynamic blend of Baby Boomers, Generation X, Millennials and Generation Z. Each group brings its own unique perspective and experiences, shaping the way businesses are run and decisions are made.

Baby Boomers and Gen X hold the reins of leadership in 87% of businesses, according to Guidant’s “2023 Small Business Trends,” and command a significant presence in the corporate sphere. This suggests that a large number of these leaders are not just at the helm of their organization but that they are also your existing and prospective 401(k) clients.

To secure new 401(k) business and foster employee engagement across these four distinct generations, you need to use an innovative and targeted marketing strategy. The secret lies in acknowledging and understanding the groups’ varied backgrounds, experiences and expectations. It’s more than just a demographic exercise: It’s about recognizing their unique journeys and customizing your approach to resonate with their specific needs and aspirations.

As leadership is passed to new generations, adapt your content and campaigns to meet new expectations. Doing so will help strengthen relationships, boost client engagement and drive new business growth.

Baby Boomers born 1946 – 1964
When communicating with these tenured fiduciary leaders, keep in mind they value traditional communications from their advisers, including:

	Phone calls. Pick up the phone and say, “Hi.”
	Newsletters. Educate them about retirement income options and health savings accounts—two hot topics that blend professional and personal concerns.
	In-person meetings.Keep it old school, and drive over for a face-to-face conversation.

Gen X born 1965 – 1980
Gen X is comfortable with technology and recoils at overt sales tactics. Stick to fiduciary education and best practices.

	Emails. Share timely updates.
	Events. Get them out of the office and singularly focused on the benefits of working with a professional retirement plan adviser.
	Checklists/Guides. Education sells, and always quality over quantity.

Millennials born 1981 – 1996
Just 13% of small-business owners are Millennials, but a shift is expected on committees as senior leaders retire. How tech-forward advisers can respond:

	Quality website. Ace the first digital impression.
	Digital marketing. Intentional follow-ups keep you top of mind.
	Social media. Showcase your professional personality.

Gen Z born 1997 – 2012
Despite a volatile market, 66% of Gen Z save for retirement, says Transamerica’s July “Post-Pandemic Realities” report. To educate about finances, consider:

	1-minute videos. Or, as Gen Z calls them, “reels.”
	Memes. Humor can be a great icebreaker: Checking your 401(k) balance and realizing it’s finally more than your monthly coffee budget: “Guess I’m officially an adult now.”
	Auto-infographics. Illustrate the power of compound interest, based on examples using automatic enrollment and automatic escalation.

Rebecca ­Hourihan

Founder of 401(k) Marketing, in San Diego, ­California, has over 15 years of experience helping 401(k) advisers build brand awareness and ­promote their specialized skill sets.