The average age of advisory Clients is 62 (the ramifications from the aging Baby Boomer generation just keep coming). As these Clients move into retirement (read: distribution phase), there is a huge impact on your Practice – without adding younger Clients, your business becomes a depreciating asset! Think about it, more assets will be going out than are coming in.
The average Client age you want to set as a goal is 55 or younger. These Clients are the future of your business. In addition to marketing to younger potential Clients, focus on building next generation relationships with your existing Client’s heirs (we’ll talk more about this in #9).