I have observed in my meetings with producers and agencies that producers are trying to work more and more with older age clients only. This observation isn’t anything new; older clients typically have more assets and can have estate tax issues. Therefore, building a focus and practice around this group of potential clients makes sense.
However, by not working with younger clientele, producers may be missing large sales opportunities. For example, younger clients can have financial holes that they do not realize are there. In fact, a recent New York Life Insurance Company study showed that the Gen X population has a gap of over $400,000 in life insurance needs for their families. This is the same group that will retire next in our country, meaning there could also be large retirement planning needs as well.