As the baby-boomer generation ages, working with seniors can be a rewarding and profitable business strategy.
Bev Moir, a senior wealth advisor with ScotiaMcLeod Inc. in Toronto who works with many seniors, particularly women, finds satisfaction in working with older people — both professionally and personally. Here are some ways you can make your office more “senior friendly” to help you attract and retain older clients.
> Take a seat
Make sure the chairs and couches in your office are appropriate for older clients.
Seating should be comfortable and easy to get in and out of, recommends Lee Anne Davies, gerontologist and head of retirement strategies with Royal Bank of Canada in Toronto. Make sure seats are neither too low nor too deep.
> Check the floors
Inspect floor surfaces for tripping hazards for older clients inside your premises. Also check walks and steps outside your office.
Secure any loose carpets and determine whether you need to make any pavement repairs, says Davies.
As well, if there are stairs at your office entrance, make sure there are sturdy handrails in place, Davies adds. Even if you have only one or two steps, a handrail is a must.
> Think big
Make writing and reading easier for your aging clients.
Show consideration for those who suffer from some age-related eyesight loss, Moir says. Communication materials and documents to be signed should be printed in a slightly larger than normal font.
For example, instead of using the standard 12-point size, increase the font to 14-point.
As well, make sure any pens or pencils in the office are easy to use. While fancy pens are nice, they can be difficult to grip, Davies warns.
> Subscribe to relevant publications
Think about the interests of seniors when stocking your reception area with magazines. Make sure the titles are age-appropriate.
For example, Moir suggests, keep copies of travel magazines and Zoomer on hand.
> Get discretionary
Consider upgrading your licensing to better suit an aging clientele.
More and more advisors are pursuing licenses that allow for discretionary trading, says Moir. Clients who have developed deep and trusting long-term relationships with their advisors often take a “whatever you think is best” approach with their advisors.
As well, older clients who spend more time out of the country during the winter are less interested in hearing from their advisors frequently to discuss their portfolios.
IE