Why Target the "Matures"?

The "Matures" are the generations that came along between 1909 and 1945. Born to and tempered by economic uncertainty, older Matures were nurtured by the New Deal and served in the mightiest armed force ever fielded by any nation. Having made the World once more safe for democracy, the Matures attended college on the G.I. Bill and saw the Marshall Plan rebuild Europe from the ground up (many as participants!).

Seeing is believing, and as a result of these shared experiences, Matures tend to believe in the ability of institutions and people with expertise to solve problems and get things done.

Still, like other people, Matures want options and need to know the long-term benefits of the things they buy and buy into. While they may have a soft spot for their own grandkids, at heart these people are unemotional pragmatists who distrust marketing hype and insist on doing business with trusted professionals with a proven track record, not just anyone claiming to be an "expert."

What's the point?

While consumer education is an important task for any financial services professional, this role is especially serious for those working with Matures, where deep pockets and limited knowledge can get people into very real trouble.

Sustained bull markets pull in people who might otherwise look before leaping into high-risk or sound-good investment schemes. Example. . .

-- Not long ago, the SEC closed down a Utah-based boiler room operation scamming people with worthless railroad bonds, and

-- A Texas-based company has been accused in a criminal complaint filed in Florida of using fraudulent and deceptive practices. This outfit’s tactics included persuading Matures to tear up their wills and buy living trusts and insurance annuities, allegedly using the name of the American Association of Retired Persons on its mailings for credibility.

When someone is under stress, as we all are at various times, coming face-to-face with difficult or unfamiliar choices can be disorienting. Barbara Haseldon, a Florida Long-Term Care Insurance specialist, reports receiving calls from people desperate to obtain LTC protection after they start needing care. "After 10 years in this business I recognize the voice of a daughter in crisis. . . They know they need the care [for a parent who requires at-home nursing care], and they know how expensive it is. They would love for an insurance company to start picking up the burden. . . The hard part of our jobs. . . is to convince healthy people to plan ahead."

Financial security issues are often unfamiliar even to the most tuned-in Matures, and the products and planning choices they must make can be confusing, especially when time seems to be running out. With so much at stake, inaction or indecision can be expensive; however, as with any client of any age, the real questions about achieving lifetime financial security are not if we should do this type of planning or which tools and techniques are best, but how much can we do, and how soon can we begin?

People need you. Lead on!

-- William L. Willard, CLU

Want to Know More?

Financial services representatives who want to know more about Generational Marketing should not miss these Marketing Guides available from Pelican Island Publishing:

1. The Mature Market - A Generation at the Crossroads

2. Boomers! - Marketing to the "Me Generation"

3. Marketing to Generation X - New Ideas in a Changing World

(Each is available for $25. per single copy)

These publications offer profiles of key generational "markers," a review of the expectations each age group has of financial services advisors, plus cohort-specific prospecting tips and hands-on approach techniques. Interested? See William L. Willard, CLU and address inquiries to Bill at w.willard3@knology.net.

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