Financial Planning for Millennials

Coupleadvisoryoungcontractsmi600-resize-600x338Rachel Lake had worked with financial planners before, but the relationship didn't click until the Millennial began working with an adviser who focuses his message, and methods, on her generation. "It's more like a partnership,'' said Lake, 32, who is a home loan specialist living in Boston. “You want your personal trainer, your CPA and you want your financial adviser but I want somebody to be there more as a coach than as someone telling me what I should be doing. Because I don't feel like I'm on a traditional path, and I don't think I'm alone in that. … (Millennials) want someone that sees us as individuals rather than as a stereotypically corporate worker.''

The USA Today article, “For Millennials goal is financial freedom,” says that when it comes to mapping out financial futures, some financial planners are finding that Millennials prefer to work with those who understand their generation. This is a group that’s probably going to have several jobs in their lifetime and is used to being able to get answers with the click of a button.

Many Millennials also may have a ton of student debt and may have had trouble finding a job which means that the financial strategies that worked for their Baby Boomer or Gen X parents might not fit their circumstances.

The article quotes one financial planning firm that targets Millennials. That firm noted that traditionally financial firms have emphasized the management of assets; however, the average Millennial doesn’t have much in terms of assets and is just starting his or her career. To appeal to Millennials, this firm bills itself as a "personal trainer''—guiding clients to financial health. For young professionals, these experts say that financial freedom to chart their own course is a higher priority than saving money for retirement. Likewise, the article explains that purchasing a home is also not always a top priority to younger adults who may prefer urban living, or need to relocate to chase their professional goals.

Even with these less concrete plans, having a strategy for the future and a way to finance the dreams and ambitions of a Millennial are critical. Take the time to speak with an experienced estate planning attorney who can guide you to your other qualified professional “coaches” to help you chart your course in life.

For more information about estate planning, please visit my estate planning website.

Reference: USA Today (April 11, 2015) “For Millennials goal is financial freedom”

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