One of many stereotypes about millennials is that they want everything right now. No waiting, no complications.

However, for one couple who Alain Pérez Munoz met, the idea of living for the present seemed scary rather than exciting.

“My clients met a couple approaching 60 who spent all of their income on vacations and did not have a single peso in savings for their future,” said the three-year MDRT member from Mexico City, Mexico. “This couple told them they felt worried because they had nothing for their retirement, and their anguish clicked with my clients, who also wanted to travel frequently. They realized they couldn’t let themselves become like this.”

That anxiety led to a discussion about retirement planning with the young clients now aware that the future could be tragic if they don’t plan ahead.

Talkin’ ’bout his generation

In addition to planning for retirement coverage, Pérez, himself a millennial, works with 200 clients on education planning, investments, life insurance and insurance for major medical expenses. He found these clients — many of whom are freelance architects, accountants, graphic designers, photographers, marketing professionals and consultants and do not have benefits or a pension through an employer — through connections with his own natural market, referrals and prospecting.

For referrals, Pérez asks clients to introduce him to people who are personable, accessible and successful. This ensures that potential new clients will be responsive and easy to work with as well as earning a comparable income to his existing clients. He begins the conversation by asking how they met the person who referred them and what that person told them about Perez.

“In most cases, they already have in mind that they want to save for their retirement,” Pérez said. “If not, I ask about their experience, challenges and goals with saving, tell them a little about what I do, and ask if there is anything that I shared with them that they are interested in working on soon. Sometimes they already know that they will not have a pension and want to see what their options are.”

Proactive prospecting

For prospecting, Pérez posts useful information on social media that can help potential clients and establish his expertise about the coverage he provides. He also shares advice, tools and strategies for personal finance and invites people to take action.

His prospecting is not limited to the online world, however. Pérez also has found the gym to be an effective place to meet people organically and engage in conversations that reveal what he does. Only if the person shows interest in his work will he exchange contact information and invite them to schedule an appointment.

Regardless of where the client originated, Pérez has found success with the timeless strategy of breaking down the macro into the micro. For his clients, that means breaking down an annual contribution to a daily contribution and equating that figure to less than the price for a cup of coffee.

“This helps them see that it is possible and easy to have a great impact on their retirement without sacrificing something significant in their lifestyle,” he said.

Of course, many of these discussions are informed by Pérez’s own understanding of what millennials are experiencing, including increases in the cost of living and property prices, plus fears about losing the ability to work and provide for themselves or their family. When communicating with these clients, he recommends the following:

• Remember that millennials are informed and connected to technology. So, explanations can be easier, meeting times can be shorter, and opportunities often exist for virtual connections via video conferencing, video messages and more.
• Avoid complex language or extending the length of the initial conversation. Jargon and a long meeting could make them lose interest.
• Fully prepare and resolve any client concerns. Overlooking these needs can create distrust and reluctance to move forward. 
• Offer a series of proposals and assess how they react. Don’t definitively impose an amount of money from the start. Introduce flexible solutions and determine if adjusting the amount of the premiums is necessary.
• Establish how they prefer to be contacted and how often. Some clients may want to connect every few months. Others only want Pérez to reach out if he has something of value to share. Regardless, maintained connection and follow-up is often a high priority.
• Develop additional touch points. For Pérez, that includes a newsletter, blog items, and adding clients to his social networks so he can be aware of changes in their lives, interests and birthdays.

“Being active on social networks allows you to be current in their minds,” he said. “You can continue to attract them with new ideas and become a reference for them and their friends.”

Carina Madrid and Adrián Charansonnet write for Roma, an agency assisting MDRT with content development for Latin America. Contact them at carina@romacompany.mx or adrian@romacompany.mx.