Your clients are worried about their children’s math skills. Providing financial education is a highly effective way to teach those math skills while developing better client relationships.
Financial advisors are sitting on a tremendous opportunity to use their expertise to help clients solve a stressful problem while simultaneously preparing for the Great Wealth Transfer by building trusted relationships with those clients’ children. Here’s what you need to know—please contact us if you have any questions or feedback.
Your Clients are worried about their Children’s Financial Future.
Parents spend many sleepless nights worrying about their children’s future. They struggle to equip them with the skills and mindset needed to live a happy, healthy life, plus the confidence to pursue their dreams. It’s not easy raising children, especially in this day and age!
Math Skills Create Opportunities for Youth
Math skills have always been valuable for success in business and many other careers, but in the modern economy driven by data analytics, AI and scientific innovation, math skills have become even more valuable. Many high earning roles require math for success, and studies show people with core math skills have higher net worth and financial security.
Have a look at the chart below—the fastest growing occupations circa 2023. What skill does the modern economy seem to have in common? Spoiler alert: it’s math.
Financial Education Builds Valuable Math Skills in Children
Studies show that students (kindergarten to grade twelve) who take personal finance courses are more likely to develop an interest in math because of its practical applications. They may learn how to make smarter spending decisions and avoid financial distress, but that’s not where it ends. Conversations about credit, investments, and loans, for instance, intersect with lessons on compound interest, matrices, and exponential equations.
“The more math you add to financial literacy, frankly, the better it is,” says Annamaria Lusardi, founder and academic director of the Global Financial Literacy Excellence Center. “In many cases, to make a decision, you have to do calculations, so I think math is a very powerful tool…having said that, financial literacy is more than math.”
While a general dislike for math remains an obstacle among young people, they tend to understand the need to manage their money well. Even the most reluctant students typically see the connection between math and their future financial well-being.
Financial Education is a Relationship Opportunity for Advisors
Knowing this, financial advisors have an opportunity to connect with clients and offer increased value while building foundational relationships with their children—the next generation of investors. Your professional expertise perfectly positions you to offer complimentary financial literacy programs that build high value math skills as well as wealth management basics. Your offering might cover topics such as budgeting, saving, investing, and managing credit and financial risk.
The Benefits of Providing Financial Education to Your Clients’ Children
- Peace of mind for parents: Provide simple new service that gives clients confidence that their children are learning some math skills, but also realizing the benefit of building important money and personal finance at a young age.
- Lower your risk during the Great Wealth Transfer by building intergenerational relationships: Most advisors struggle to engage with their clients’ children in a natural way.
Offering a financial education program designed for them provides an easy way to start building that trusted advisor relationship in a high value way. - Offer a new high value service: Firms can quickly and cost effectively roll out centralized programs that help advisors across the entire firm offer Financial Education programs. Ask us how we can help.
Creating Financial Literacy Through Personalized Wealth Education Videos
At Baking Bread Media, we turn your knowledge and credibility into education-based programs that attract and retain multigenerational wealth management clients. Our Knowledge Drip Videos feature engaging, informative, one-minute videos on personal finance. Expertly designed to introduce essential money management skills to your clients and their children in an approachable way, this content will spark multi-generational conversations about wealth management.
Our fully managed video education programs make it easy and affordable—please contact us to learn more or get started. Our team is ready to help you share your expertise while maintaining or increasing your AUM during this incredibly important chapter in wealth management.
About the Author
Brendan Kenalty is one of the founders of Baking Bread. As a business leader, college professor and father of two young adults, Brendan is passionate about the impact that basic financial knowledge can have on a person’s life. Brendan is dedicated to helping the next generation gain the money knowledge, skills and confidence to achieve the dreams. Brendan work closely with wealth management firms and their advisors in US and Canada use to turn their knowledge into video based financial education programs that attract and retain multi-generational clients.
