“Demographics are incredibly binary rather than bringing us together through what brings us together – values.”
Allison told the conference that the good news is that’s simple to fix since financial advisors and planners can start looking at the world – their customers, clients, prospects, employees, and family – with a values lens instead. His work has isolated 56 values, which are more powerful to use than a demographic model when people are applying them to their businesses. During the question and answer period, he noted that Canadians’ two top values are family and belonging, whereas those are inverted – belonging and family – in the United States.
“You can start looking at how you align and what’s different, so it becomes second nature to look at people through their values,” said Allison. “We will benefit individually and our work will get better since it’s eight times more powerful to use this lens than a demographic profile. If we can change how we look at each other, we can change the world and make it a better place.”
He encouraged the audience to do that by integrating valuegraphics with demographics and psychographics. But, he also encouraged them to start asking – and have their staff ask – everyone they work with three questions: 1) why do you go to work? 2) why (not where) would you give away half of your lottery winnings? 3) what would you say to your 10-years-ago self – and why would you say those things? He encouraged them to focus on the how people respond to each why.
Digging into people’s values like that would allow advisors and planners to move past the idea that they need to position their future business to appeal to the “mythical millennials and illusion of Gen Z”, since those are not cohesive groups. He said the members of those groups all differ, so the financial professionals would be better served to look at those clients’ values if they want to work with – and sell to – them.
