In a fascinating new study by the Ewing Marion Kauffman Foundation, it was revealed that the Baby Boomer Generation, age’s 55-64 year-olds, had the highest rate of entrepreneurial activity of all generations.
Interestingly, Mark Zuckerberg’s Facebook generation, the 20-34 year-old types, was the least active in creating new startups. Go Boomers!
The reason for the Baby-Boomers’ entrepreneurial zeal is not surprising. They are living longer and healthier lives, and are not choosing the gold-watch-at-retirement-hit-the-golf-course path. Instead, they are leveraging their experience, skills, contacts, and other resources in order to pursuer their second, third, or more, careers.
For financial advisors with Boomer entrepreneurial clients, this trend has very interesting implications. Most importantly, how can financial advisors build comprehensive wealth advisor practices (and trusted advisor networks) that support their go-getter clients?
For example, to the extent that the advisor has assembled a healthy, diverse Trusted Advisor network of their own; they should actively make offer up introductions within this network. Additionally, as the Boomer entrepreneurs assembles their own network as they build out their new company, the advisor should be all over that too.
Authored By Chris Holman