Introducing the Generations

In the 1960s, news media popularized a phrase, “the generation gap,” to describe the differences that separated the nation’s youth from their parents. Many young people of that era embraced the sexual revolution, the use of mind-altering substances, and the musical genre of rock and roll, and. The cultural movement of “sex, drugs and rock ‘n’ roll” took on a political dimension with a broader rejection of “the establishment” and the “power structure.”

Whether one sided with the hippies and yippies or with the so-called “silent majority,” anyone who came of age during the 1960s was defined by the culture, politics and conflicts of that era. From slang expressions like “groovey” or “trippin’” to music icons like Jimi Hendrix and John Lennon, Baby Boomers shared cultural touchstones that separated them from the generations that preceded and came after them.

Boomers were united, too, in ways far more subtle and profound than pop culture and politics. Under the influence of Dr. Spock’s mass best seller, “The Common Sense Book of Baby and Child Care,” child-centered parents embraced a child-rearing method that engendered greater creativity and freedom of expression in their Boomer babies but also instilled them with a strong sense of entitlement – life was all about their self-fulfillment. That quest for self-gratification – “if it feels good, do it” – combined with the pill to launch the sexual revolution and to fuel soaring divorce rates later in life.

By dint of their vast numbers entering the job pipeline, Boomers also endured stiff competition as they climbed up the corporate ladder. Working long hours as a way to distinguish one’s self became a badge of honor, and a Boomer’s job – as opposed to race, religion or social class — became the primary source of self identity.

A similar analysis could be made for each generation. Every wave of children was affected by the latest child-raising paradigm – the laissez-faire approach that divorced parents took toward their latch-key children, the feel-good impact of the self-esteem movement. Likewise, each generation entered a workforce characterized by different levels of competition, different opportunities and different demands for performance.

Each generation was influenced, too, by new forms of media and entertainment, new political controversies, new foreign challenges.

As a consequence of these and other influences, there is a very real “generation gap” between each of America’s four dominant generations of adults alive today – the Silent Generation, the Baby Boomers, Generation X and the Millennial Generation. Although those differences may not inspire the mass demonstrations and riots of the 1960s, they are no less real, and they have molded the behavior of each successive generation in every aspect of their lives – including their roles in the economic sphere as consumers, savers and investors.

Become a Trusted Advisor

Financial advisors know they must win the trust of clients and prospects in order to gain their business. The stakes have never been higher in today’s marketplace for financial services. People increasingly are looking for a single “trusted advisor” to help them set life priorities, create a financial plan in accordance with those priorities and provide them investments to execute those plans. The big question for financial advisors is, “How do I win trust?”

The Boomer Project, a national authority in marketing to Baby Boomers, publishes Generational Advisor to help financial advisors accomplish that goal. Our Generational Advisor Sales Edge provides a framework for applying knowledge of generational differences to better understand your clients, empathize with their values and communicate with them effectively during every phase of the sales cycle.

Generations 101

Over the course of the next 21 emails, we will introduce you to the basics of generational analysis – a “Generational 101” primer, if you will.
The emails will cover the following areas:

• Introducing the Generations
• The Language of the Generations
• Generations and the Good Life
• Generations and the Sales Cycle

If you have any comments or questions, we really want to hear them. Email us here.