Employers in the wealth management industry face two distinct talent challenges, one long-term and the other immediate. According to a recent Accenture report titled “The ‘Greater’ Wealth Transfer: Capitalizing on the Intergenerational Shift in Wealth,” Baby Boomers stand to pass on an estimated $30 trillion in wealth to their Generation X and Millennial heirs. Looking ahead, wealth advisors are scrambling to find that next generation of talent to help preserve and provide service to this younger and potentially enormous client base.

In the short-term, however, employers in the wealth management industry face a different challenge impacting their day-to-day operations. They are adapting to a more age-diverse workforce, one spanning four separate generations. Today, it’s not uncommon to find representatives of the “Greatest Generation” working alongside Boomers, Gen X’ers and Millennials, each with a different work style and mindset about the workplace.

Dr. Gustavo Grodnitzky has spent much of his career addressing this kind of issue as an organizational consultant and clinical psychologist. He is a leading expert in leadership development and creating change in organizational culture, with particular expertise in dealing with multigenerational workforces and creating cultures of success. Grodnitzky spoke at the 2014 FOX Wealth Advisor Forum, April 23-25 in Chicago, where he discussed the five key cultural factors that engage and retain Millennials.  In the following video clip, he discusses the different values and work styles of Baby Boomers and Millenials and how engaging the next generation often requires a more flexible view of when and where work is completed.