Millennials receive a lot of insight from others studying the generation and making observations. I would argue that millennials are in fact quite different and do deserve the attention they receive. Many new issues, skills, and standards have changed for the generation including what they need from a financial advisor.
This recent article reports that millennials want an advisor that views them as individuals who may not necessarily follow a traditional career/life path. It should be expected that millennials have multiple jobs over their career, are more likely to rent apartments than own homes, and have great skills with technology. Perhaps more importantly, millennials have the majority of student loan debt, face a highly competitive job market, and have not necessarily been educated on how to manage their money for the present and or the future.
By working with an advisor who understands the majority of the hurdles millennials face, millennials should approach their finances with an open mind and confidence. The most effective advisor will work with their client, ask questions, and craft a plan that accomplishes the goals the client sets.
You are never too young to start planning for the future and you do not have to do it alone. Choose an advisor with whom you feel comfortable, who understands your perspective, and who can direct you on the best path to accomplish whatever it is you dream to achieve. Millennials are the future and deserve to be invested in, paid attention to, and coached toward success.
Caroline Hill, Financial Advisor
(This article contains the current opinions of the author but not necessarily those of Brighton Securities Corp. The author's opinions are subject to change without notice. This blog post is for informational purposes only. Forecasts, estimates, and certain information contained herein should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. References to specific securities and their issuers are for illustrative purposes only and are not intended and should not be interpreted as recommendations to purchase or sell such securities).