I love this generation. They are the embodiment of the free spirit. However, there are people who resent Boomers. Here's a quote from an article in Esquire, April 1, 2000:

"Guys who once dropped acid are now downing Viagra; women who once eschewed lipstick are now getting liposuction. At the risk of feeding their narcissism, I believe it's time someone stated the simple truth: The Baby Boomers are the most self-centered, self-seeking, self-interested, self-absorbed, self-indulgent, self-aggrandizing generation in American history. I hate the Boomers."

That writer obviously doesn't want to do business with Boomers. See, Boomers are defined by the Leading-edge slice of this generation, those born between 1946 and 1955, and they are very proud of what their lives have meant. But, what makes these strange people do what they do? You better figure it out, because that's the key to gaining their trust.

Welcome to the Center of the Universe.

The psychology of the Boomer generation (values, beliefs and behaviors) are defined by the people on the leading edge – the trailblazers and pioneers of this gifted generation. From a business perspective, we can best make sense of them by showing initially how they contrast to their parents – the generation that fought in the Second World War, Tom Brokaw's Greatest Generation.

The parents of leading-edge Boomers truly believed that their young children could do or become anything they wanted. That was the American Dream, right? Follow the rules and you could make it happen. Unfortunately, those parents were also teaching their Boomer off-spring about control. When Boomers rebelled, they rebelled against control.

Babies believe they are the center of the universe. All they have to do is cry or poop and the world comes running to take care of the problem. Early Boomers learned that lesson very well. We still cry and point at problems, and the world still pays attention. Perhaps it's really not the baby who learns the lesson, but rather everyone else who learns to pay attention to innocence. To early Boomers, Camelot and Disney's Fantasy Land were real.

But then… Ever hear the term, "sucker punch?" That's what Boomers were set up for. It happened when the people who believed in flower power witnessed the assassination of John Kennedy, the first politician they could relate to. Then, they were sent to Vietnam – an unwinnable war that was started and supported by their parents' generation. Is it any wonder that early Boomers decided that many of humanity's wrongs began in its institutions? Boomers developed a palpable mistrust of structure, bureaucratic hierarchy and revulsion for back-room machine politics – and not just governmental politics.

"We don't trust you!" That might be the mantra of these Boomers. From the elected leaders to the nation's employers, it began to look like the world had fallen unchecked into a vile decay. Those early Boomers, as adults, began to look for wrongs that needed correcting. They would cry and shake their fingers, and the world would pay attention.

The things that these early Boomers shook their fingers at represented wrongs that went contrary to their values. How does that affect you today? When you understand Boomer values, you are in a better position to connect with your Boomer prospects and gain their trust. When you understand their fears, you know what to protect them from.

Trust business institutions? Early Boomers are skeptical of any institutional guarantees, including company pension plans – and for good reason – the press has alerted all of us about the results of mismanagement and corruption regarding pension plans. Boomers learned to doubt and question the motives, reassurances and excuses of those in power. Boomers built and participated in technological revolutions; but they were suspicious of technology's tendency to enhance bureaucratic controls. Right or wrong, the "secret" activities of the current administration paint a picture of that bureaucratic control.

On the other hand, while financial security is an issue, it's not the same thing it was for their parents. Boomers don't worry as much about having enough money to live in grand style, or even about leaving an inheritance. It is "future lifestyle security" that serves as more of a motivator in their asset management decisions. Consider these Boomer concerns:

• How much can they trust a bureaucracy, like the SEC?
• How much can they trust financial institutions that are under investigation by the SEC?
• How much trust can they give to an advisor who represents a large institution?
• How much trust can they extend to an advisor whose job is to sell certain products.
• How much trust can they give to advisors who suggest they buy and hold for the long term.
• At the age of 60, Early Boomers are feeling the pinch – there are not enough years, and not enough optimism, left.

Choices. Because Boomers are individualistic and independent, their decision-making has been the driving force for the increase in defined contribution retirement plans such as 401(k)s. They want to feel in control of the decision-making. That means that you must offer alternatives, options and choices. You must knock down the wall of limitation for them. Boomers demand customized, personalized recommendations. At this time, that level of service is available only to the high-net-worth individuals. That approach to client service runs contrary to how Boomers think and what they value.

If you want to work with Early Boomers, you might have to completely rethink how you present yourself and conduct your business. The winners in this Boomer Economy will be the advisors who give the greatest amount of personal, customized service – and play Motown in the office!