Consider these two significant truths that require examination.
1. An estimated $72 trillion in assets will pass from Baby Boomers to succeeding generations
This notable wealth transfer has prompted Financial Advisors (“FAs”) to focus on attracting these assets while strategically developing their practices. In this context, FAs are well-positioned to assist younger generations in navigating their financial futures. Effective communication is paramount in this endeavor, necessitating a clear distinction between the “what” of the information and the “how” of its presentation.
2. Research indicates that individuals typically retain only about 20% of what they hear.
The “what” refers to the content itself, encompassing the information, insights, and facts presented. In contrast, the “how” involves the personalized delivery methods – such as the medium and tone – that enhance the effectiveness of the message. To communicate successfully, one must integrate both elements thoughtfully. Given the overwhelming volume of information individuals encounter daily, the challenge of retaining meaningful messages becomes increasingly relevant.
What is at stake? Participation in the unparalleled wealth transfer currently taking place. It is essential for those seeking to make a positive impact in other’s lives to ensure their messages are conveyed effectively.
Next, a deeper focus on the differences between “what” and “how.”