SHOULD FINANCIAL ADVISORS ENTERTAIN MILLENNIALS?
Creative. Innovative. Passionate. These are some words that describe millennials. This generation, encompassing people who are in their 20s and 30s, desire to make the world a better place. Having said that, should financial advisors entertain the thought of tapping millennials in their client base?
Millennials are entrepreneurial. It means this generation has a variable income. Millennials are innovative by nature. However, it will take them for them to become wealthy or his business to be profitable. In a month, they can see great revenue returns. But they might earn as much the next. They are also interested in investing in new and/or upcoming technologies, other entrepreneurs, or pursuits. In other words, they love perilous ventures, or simply anything risky.
Millennials are impatient yet techie. Today’s young people are surrounded with technology, namely computers, smartphones, and other gadgets. Therefore, they want to obtain any information or results as soon as possible. Residing in a fast-paced world, it might be difficult for this generation to fully understand the benefits of long-term financial planning. Not to mention millennials prefer online communication.
Millennials live independently. Many millennials are regarded as spoiled and immature, but realistically speaking, they want to live on their own. They are also independent when it comes to mapping out and achieving their goals and following certain beliefs. Granted they consult a financial advisor for recommendations, if they do not like the advice or believe it is not sound, millennials won’t heed it. This generation tends to have their own ideas on how they want their retirement to look like and how they desire to attain it.
Millennials incur considerable debt. On an average, a student graduates with approximately $35,000 worth of student loan debt. Hence, it might take them some time to settle their debt. And it will be difficult for millennials to become wealthy right away.
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