trustmark insurance - 1 27 15 - marston 43...usa, 2010 gen x households source: federal reserve...

generational insights

Trustmark Insurance


generations: usa

Matures > 69 yo

Baby Boomers 50 to 68 yo

GenX 35 to 49 yo

Millennials (GenY)

14 to 34 yo

iGen < 13 yo( )


affluent societies

‣ Cause delayed adulthood

‣ Create extended life times

‣ Create populations bulges

‣ Put the focus on the individual vs the community


what seems to matter to them

Matures & Boomers:

‣ History of organization

‣ Name recognition of organization

‣ Tenure in the marketplace

‣ Historical & Perceived Quality


maslow hierarchy of needs

Baby BoomersMatures Physiological Needs

Safety Needs

Belonging Needs

Esteem Needs

SELF ACTUALIZATION


what seems to matter to them

Gen X & The Millennials

‣ The Individual, the Ego

‣ How things will affect their lives

‣ How things will make them distinct

‣ How you’ll impact their future

‣ How they’re different


maslow hierarchy of needs

Millennials

Baby BoomersMatures

Gen X

Safety Needs

Physiological Needs

Belonging Needs

Esteem Needs

SELF ACTUALIZATION


the role ofexperts

The Role of Experts - Baby


‣ Baby Boomers will largely heed the advice of experts because they respect and recognize expertise.

‣ Time and experience creates experts.

‣ Experts have earned the right to make specific recommendations for customers.

‣ Awards, designations, honors and accolades is proof of expertise.

51-69

The Role of Experts - gen x


‣ Gen X believe experts must prove that they are experts.

‣ Expertise is not conferred or granted based on history or awards.

‣ The role of an expert is to lead the customer to a decision he/she has had some input into making.

‣ An expert proves expertise by their ability to convey their expertise to the non-expert in a buying situation.

51-69 YRS OLD

36-50

The Role of Experts - millennials


‣ Experts are there to help acknowledge the uniqueness of the individual’s situation.

‣ Experts are teachers.

‣ They guide through the process, educating along the way.

‣ Experts are resources to be called upon repeatedly as needed, even long after the transaction has closed.

19-35


babyboomers(1946 - 1964)


baby boomers

‣ Work ethic.

‣ Visible awards

‣ “Pay your dues”

‣ Busy. In a hurry.

‣ Technology - tool or shackle?

51-69


baby boomersConnecting with the Boomers

‣ Help them feel victorious.

‣ Choosing extra security for their families is a victorious decision.

‣ Simplicity. Easy. Quick.

‣ Become a member of their team. Not exclusively internal – can include vendors.

‣ We team with your employer to offer special items.

51-69


key points boomers

‣ They will continue to live in their homes and alter their homes to accommodate their aging as needed.

‣ Simplicity in all you do for them and say to them.

‣ They’re not old. Don’t even suggest that they’re old.

‣ They believe their future is greater than their past. Don’t suggest they’re winding down.

51-69


key points about boomers

‣ Historically: Retirement = Stopping. For Boomers, Retirement = STARTING.

‣ In their youth they protested to try to change the world. Today, doing it through their $$s and lifestyle.

‣ Appeal to their values, not their age or their life stage or their chapter in life.

‣ Have adopted technology but evidence of some push back - use it too much.

51-69


communication & boomers51-69

• Face to face is number one. Relax. Fluid sentences. Have fun. They’re an optimistic group!

• Telephone. Follow same rules.

• Email - Full sentences. Few abbreviations. Opening and Closing.

• Via Web - maybe / maybe not

• Texting - depends on the person. Often too casual for vendors. Let them lead.


GENERATIONX

(1965 - 1980)


Banker

Myself

Financial Planner

Friend/Relative

Internet/Online Services

Television/Radio

Magazines/Newspapers

Call Around

% Using Source

0 10 20 30 40 50 60

Wealthy Affluent$100,000

USA, 2010 Gen X Households Source: Federal Reserve Board, SCF

Information Sources for Financial Advice

36-50


selling gen x

‣ List all the available products, services, options, etc. Everything.

‣ Show back up plans… B, C, and D.

‣ They’ll use the technology available to double check what you’re telling them. Anticipate it.

36-50


selling gen x36-50

‣ Distrust anything too promotional, sales-y, or marketing-y.

- Sell the steak, they’ll see right through the sizzle

‣ Careful of over the top vanity advertising.


the gen x mother - be careful…

‣ Fully engaged, mostly informed, questioning, dubious information sponge.

‣ Who is buying for 1) herself 2) her kids 3) her spouse and…

‣ Greatly influencing the purchases of 1) her parents 2) her in-laws 3) her peers

‣ Woe to you to scorn this consuming machine. She’ll eat you alive.

36-50


to serve the gen x client‣ Educate them: What you do & Why you do it

‣ To them, experts teach...

‣ Give them technology to stalk…

‣ Be careful to not let your background get in the way of their future.

‣ Partnerships, not delegation

‣ Expect less eyeball time w them...

‣ But more communication. Peer to peer.

36-50


gen x

SHOW SOME PERSONALITY

Offer a peek inside your people -

Show some of your character, the real you.

36-50


Simon Baker / Chief Executive Officer

Simon Baker is the founder of Baker Ave Asset Management and chairman of the investment committee. He oversees the investment process and leads the development of Baker Ave’s strategies and services.

Before launching Baker Ave in 2004, Simon was a managing director at Banc of America Securities, where he was responsible for managing wealth and risk with the private banks’s high-net-forth clients and family offices. Prior to that, he served as director first ad Donaldson, Lufkin & Jenrette (DLJ), then at Credit Suisse First Boston. Simon began his wealth management career at Morgan Stanley in San Francisco in 1994.

Simon graduated cum laude with a B.A. in economics & French from Hartwick College, NY.

He is a cast member on CNBC Half Time show ‘Fast Money’, Yahoo ‘Breakout’ and often quoted in the Wall Street Journal and other financial publications.

36-50


Simon Baker / Chief Executive Officer36-50On the personal side

Simon is a native of Nottingham, England who originally came to the U.S. on a Division 1 soccer scholarship. His mother thought it would be a quick 4 years across the pond and then he’d return home. That was 20 years ago and she’s still waiting.

Simon still plays soccer on the weekends and recently learned how to kite surf. He sits on the board of the California Shakespeare Theater, as well as the advisory boards of Girls Incorporated of Alameda County and the Achieve Program. Through Achieve, Baker Ave gives full 4-year high school scholarships to 2 Oakland students from low-income families. Simon lives in New York with his English Sheep dog, Mr. Riley.

Something you may not know about Simon While in college, Simon had a summer job in London covering Wimbledon for HBO. There was a lot of rain during the tournament that year, so HBO had to find ways to kill time on the live feed. During one rain delay, Simon performed a skit with Cris Collinsworth in which he challenged the famed sportscaster to a “slide off” down a muddy embankment. Cris accepted the challenge and jumped. Simon, the instigator, didn’t. His only response: “Those


eric jardine, cfa/ snr. portfolio manager

Eric is a Senior Portfolio Manager and Head Trader at BakerAvenue. In addition he oversees our hedging strategies and serves on the investment committee.

Prior to joining BakerAvenue, Eric was a proprietary derivatives trader at Wells Fargo Bank in the Capital Markets group. While at Wells Fargo, he was responsible for the risk management of a 500-million-dollar derivatives portfolio with products tied to the equity, interest rate, and foreign exchange markets. In addition to investing the bank’s capital in a proprietary options portfolio, Eric structured hedging solutions and equity-linked notes for individuals and institutions.

Eric graduated from the University of Colorado with a B.S. in business administration. He is a Chartered Financial Analyst (CFA) charterholder and a member of the CFA Society of San Francisco.

36-50


36-50Eric is a member of the board of elders at Regeneration Church in Oakland and active in several nonprofit organizations that serve youth and children in need locally in the bay area and in Africa.

He and his wife, Rebecca are parents to 3 children, Josiah, Alana, and Alexa, a set of triplets born in July 2008. All parents like to think that their kids are one in a million, but since the odds of having healthy spontaneous triplets are almost as low as winning the lottery, Eric is proud to say that his children actually are.

Something you may not know about Eric:Eric likes to ski, surf, and spend time outdoors. He was a ski instructor at Vail for several winters teaching turns to a few now-famous names in banking and sports. One winter he logged over 150 days of skiing, which equates to just 2 non-snow days per month for an entire ski season. And just in case you’re concerned, Eric wants you to know that last year he logged only 6 days on the mountain.

eric jardine, cfa/ snr. portfolio manager


communication with gen x

‣ Probably will prefer email updates.

‣ Likely let your calls go to voice mail and then check the message to see how important it is and how quickly they need to call you back.

‣ Texting is OK if content is 1) a request or 2) information: Not chatty.

‣ Face to face: Your clients will not want to make hard and fast decisions face to face. Let them think about it and do their research.

36-50


MILLENNIALS(1980 - 2000)


millennials19-35

‣ Individuals w/ a group orientation (team?) ‣ Optimistic.‣ Well looked after. ‣ Busy & stressed at a young age. ‣ Are not adults. Are not adolescents.

“Adultolescent” phase. ‣ Huge goals.


USA: 19-35 YO living w/parents (%)N

umbe

r (M

illio

ns)

25.5

27

28.5

30

31.5

33

1980 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013

Source: US Census Bureau

19-35


average age of mother at first birth

USA 1970-2010 Source: CDC

19-35

19.5

21.25

23

24.75

26.5

1970 1975 1980 1985 1990 1995 2000 2005 2010 2012

generational insightsUSA % Source: Pew Research

Millennial in 2009

Gen X in 1995

Boomer in 1978

Silent in 1963 43

52

67

75

3

6

5

4

54

42

29

21

Married Separated or Divorced Never Married/Single

marital status: ages 18-2819-35


millennials today

‣ Same life stages

‣ At much older ages

19-35


Then Versus Now


• Medal of Honor • Distinguished Service Cross • Silver Star • Legion of Merit • Bronze Star • Purple Heart • US Army Outstanding Civilian Service Medal • Good Conduct Medal • Distinguished Unit Emblem • American Campaign Medal • European-African-Middle Eastern Campaign Medal • World War II Victory Medal • Army of Occupation • Armed Forces Reserve Medal • Combat Infantryman Badge • Marksman Badge with Rifle Bar • Expert Badge with Bayonet Bar • French Fourragere • French Legion of Honor, Grade of Chevalier • French Croix de Guerre • French Croix de Guerre with Palm • Medal of Liberated France • Belgian Croix de Guerre 1940 Palm

THEN: AUDIE MURPHY19-35


NOW19-35


millennials today

Connecting with the Millennials

‣ Advice must have an to them.

‣ Must be

‣ Want what their friends have and what their friends are doing with a unique twist.

19-35


millennials today

To Serve the Millennial Client:

‣ Technology to stalk and to stay updated

‣ Meetings w/ one turn into meetings w/

‣ “Future” not relevant yet

‣ Celebrate the individual & uniqueness

19-35


client / client service warning19-35


Trustmark Insurance


promotional materials

3 - 30 - 3 Rule 3 seconds

30 seconds

3 minutes


Your Observations, Thoughts, and Blinding Flashes of the Obvious …


exceptions to the rule‣ Oldest children. Or a child born five years after their

older sibling.

‣ Military

‣ Raised on a farm

‣ Immigrants from non-Western nations

- And their kids, sometimes…

‣ From a culture with a rigorous shared Rite of Passage


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trustmark insurance - 1 27 15 - marston 43...usa, 2010 gen x households source: federal reserve...

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