A New Tool for Multi-Gen Client Engagement

Treasure Hunt

What might you and your clients find in these records? For those with family in the U.S. in 1950, they’re sure to find close connections. The 1950 census is comprehensive, listing the names of more than 150 million U.S. residents.

It took the nation’s pulse at a pivotal point in history, as the U.S. was coming out of World War II. The census may invoke nostalgia or at least recognition of the many changes afoot at the time. The country was experiencing a baby boom, breakthrough advancements in science and technology, the beginnings of the civil rights movement, and more.

For clients, stories inspired by the 1950 U.S. Census or other significant historical moments may inspire reflections and dialogue with you about earning, saving spending, and giving across generations. Savvy advisors can use these personal stories as a springboard for asking broader questions ,including:

What stories or money messages have been passed down in your family?
How can I help you share these messages with rising generation family members?
What family or business values, such as hard work, sacrifice, entrepreneurship or service, do these messages express?
Are these messages reflected (or translated) in the individual and family financial decisions you’re making today?
What actions can I help you take to realize goals that are multigenerational?

Next Steps

Together with your client, next steps may include planning for financial gifts to support educational goals, entrepreneurial ventures or first home purchases; clearer definition of rising gen roles and responsibilities; launching or expanding regular family meetings to promote engagement.

These discovery questions — when grounded in a personal, historical moment — may help clients take action.

Advisors should consider taking this opportunity with clients to look back and inform future planning discussions. While often overlooked, family history can be a powerful tool to help advisors differentiate themselves and this wide-angle approach.

Gretchen Krueger is a senior historian for the Family and Business History Group in Wells Fargo Wealth & Investment Management’s Advice and Planning Center.